Albuquerque Black Business Fund

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Albuquerque Black Business Fund

Program Overview

Overview: The Black Chamber of Commerce of New Mexico is offering grants up to $5,000 to support businesses that are at least 51% Black-owned and are registered and operating within the Albuquerque city limits. These grants aim to provide financial assistance to businesses meeting certain criteria, promoting economic empowerment and growth within the community.

General Applicant Eligibility

  1. All businesses/organizations must be registered and operating within the City of Albuquerque.
  2. For-profit businesses must be at least 51% Black-owned.
  3. Tax-exempt/Non-profit organizations will be eligible to apply in the future*
    *Since the Chamber must ensure proper appropriation of grant funds, applications for tax-exempt/non-profits
    are NOT available until further notice because validating fiduciary responsibility for nonprofits is challenging, such
    as difficulty in obtaining personal guarantors, the frequent fluctuation of board members, and challenges in
    obtaining proper authorization. The Volunteer Grant Committee must ensure proper controls to efficiently manage
    the grant program and are constructing processes to determine who has the authority to act on behalf of the
    nonprofit, as well as the ability to evaluate financial controls.  Once the controls/processes have been established,
    they will be posted, and applicants will be eligible to apply.

Grant Application Processing Time

  • The timeline from application to award is 3 months
    o Applications received in the 1st month of the quarter (January, April, July, October)
    o Applications reviewed in the 2nd month of the quarter (February, May, August, November)
    o All applicants are notified and grants awarded, or rejection letters are issued in the 3rd month of the quarter (March, June, September, December)

Additional Considerations

  • Priority will be given to businesses that have not received a grant from the One Albuquerque Fund or the Chamber through this program.  All Grantees must wait a minimum of one-year before applying for another grant.

Use of Funds

Applicants must specify how the funds will be utilized to benefit and grow their business. 

Examples include but are not limited to:

  • Purchasing equipment or supplies
  • Hiring additional staff
  • Marketing and promotional activities
  • Rent or lease payments for business premises
  • Other strategic investments to enhance business operations
  • Training/continuing education
  • Community-based programs

Application Process

  1. Complete the grant application form, providing all required information and supporting documentation.
  2. Clearly outline how the grant funds will be used and how they align with the business’ growth objectives.
  3. Provide a budget that supports the amount requested, along with documentation.
  4. Submit the application by the specified deadline (January 31, April 30, July 31, October 31)
  5. Applications will be reviewed and evaluated based on eligibility criteria and alignment with grant objectives. Decisions will be made within 90 days of application submission.
  6. Successful applicants will be notified and required to fulfill reporting obligations as outlined in the Reporting Requirements.

Reporting Requirements

Grant recipients must submit a report within one year of receiving the grant detailing how the funds were spent and the impact on their business. This report should include proof of expenditure and other requirements as agreed upon in the grant application.

Conclusion

The Black Chamber of Commerce of New Mexico is committed to supporting the success and sustainability of Black-owned businesses through these grants. By investing in local entrepreneurship, we aim to foster economic development and create lasting benefits for our community. 

We encourage organizations who do not currently meet these qualifications to access the resources provided by the Black Chamber of Commerce of New Mexico.  Current chamber membership is required to access these resources; small businesses with 1-5 employees can join the Chamber for an annual fee of $100. To view requirements and apply: www.bccofnm.org

For any questions or assistance with the application process, please contact the Black Chamber of Commerce of New Mexico’s Grant Committee via email:  grants@aagacc.org/

Grant Tiers & Eligibility

Tier One (up to $2,000)

  • Been in business for a minimum of six months
  • Business is registered and operating in Albuquerque
  • The business’s primary location is in Albuquerque (no P.O. Boxes)
  • At least 51% Black owned
  • In good standing with the Secretary of State (www.sos.nm.gov/business-services/)
  • Must provide the following documents:some text
    • Articles of incorporation
    • IRS Form W-9
    • Business operating agreement
    • Current business registration

Tier Two (up to $3,500)

  • All requirements of Tier One, plus
  • Been in business for a minimum of two years
  • Current with tax filings
  • Must submit the following documents:some text
    • Current tax return
    • Current financial statements (Balance Sheet/Profit & Loss)

Tier Three (up to $5,000)

  • All requirements of Tiers One and Two
  • Been in business for a minimum of three years
  • Filed business taxes for a minimum of three years
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