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
All businesses/organizations must be registered and operating within the City of Albuquerque.
For-profit businesses must be at least 51% Black-owned.
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
Complete the grant application form, providing all required information and supporting documentation.
Clearly outline how the grant funds will be used and how they align with the business’ growth objectives.
Provide a budget that supports the amount requested, along with documentation.
Submit the application by the specified deadline (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 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)