Albuquerque Black Business Fund

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Albuquerque Black Business Fund

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Overview:

The Black Chamber of Commerce of New Mexico is offering grants up to $15,000 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.

  • The business must be registered and operating within the City of Albuquerque.
  • The business must be at least 51% Black-owned.

Timeline:

The timeline from application to award is 3 months:

  • Applications taken in the 1st month of the quarter (January, April, July, October)
  • Applications reviewed in the 2nd month of the quarter (February, May, August, November)
  • Successful applicants will be notified, and grants awarded in the 3rd month of the quarter (March, June, September, December)

Priority will be given to businesses that have not previously received a grant from the Chamber through this program.

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’s growth objectives.
  3. Provide a budget that supports the amount requested, along with documentation.
  4. Submit the application by the specified deadlines:
    • January 31
    • April 30
    • July 31
    • October 31

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.

Successful applicants will be notified and required to fulfill reporting obligations as outlined in the grant terms.

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 expenditures 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 the qualifications outlined above 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.

The Black Chamber of Commerce of New Mexico Small Business Success Program offers assistance in the following areas:

  • General business consulting, needs assessment
  • Limited accounting consulting
  • Basic website creation, website consulting
  • Basic business plan creation/information on certifications

For any questions or assistance with the application process, please contact the Black Chamber of Commerce of New Mexico via our website:
https://www.bccofnm.org

Grant Tiers:

Tier One (up to $5,000)

  • Business is registered in Albuquerque
  • Business’s primary location is in Albuquerque (no P.O. Boxes)
  • At least 51% Black-owned
  • In good standing with the Secretary of State

Must provide the following documents:

  • Articles of incorporation
  • IRS Form W-9
  • Business operating agreement
  • Current business registration

Tier Two (up to $10,000)

  • All requirements of Tier One, plus:
    • In business for at least 1 year
    • Current with tax filings

Must submit the following documents:

  • Current tax return
  • Current financial statements (Balance Sheet/Profit and Loss)

Tier Three (up to $15,000)

  • All requirements of Tiers One and Two, plus:
    • In business for at least 3 years
    • Filed business taxes for a minimum of three years

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