Applications now open for $10M in Albuquerque small business support

Albuquerque News

ALBUQUERQUE, N.M. (KRQE) – The City of Albuquerque Economic Development Department has announced new economic relief through a $10 million Small Business Economic Relief Grant Program. One-time grants of up to $10,000 will be available to small businesses and locally owned franchises within city limits.

The Albuquerque City Council approved appropriations for the grounds through funding by the federal CARES Act. At the start of the pandemic, the City offered $750,000 in direct business support grants to 150 local businesses with assistance from the One Albuquerque Fund. The City is also working to provide over $1 million worth of PPE to small businesses.

To be eligible for the support, a business must have no more than 50 full-time employees including the owner, and two part-time employees are equivalent to one full-time employee.

Businesses must also have been operating for at least one year, be able to show economic hardship due to the pandemic, and have a current and valid City of Albuquerque business registration license among other requirements. Ineligible businesses include those whose patrons must be age 18 or older as well as corporate-owned chains.

Once an application has been completed, grantees will be awarded on a first-come, first-served basis unless the grants are oversubscribed. At that time, the city will employ a weighted lottery system. Applications are available in English, Spanish, and Vietnamese with all grants being funded by Dec. 30.

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