COVID-19 Economic Recovery
Economic Development Project Funding and Application Assistance
Are you pursuing grant funding for an economic development project and need some assistance? We can help enhance your application or make sure your application is ready for review! Contact Augusta Meyers at firstname.lastname@example.org for assistance.
MRCOG staff are available to assist with:
- Reviewing grant applications
- Locating potential funding sources for projects
- Facilitating and hosting virtual trainings
The Small Business + Entrepreneurial Grant Program is a new economic relief grant program available to local small businesses and non-profits. The $7.5 million program is funded through the American Rescue Plan Act. Applications will open August 4, 2021, for the one-time grants of $10,000 for businesses within Albuquerque city limits that have 50 employees or fewer and meet other grant criteria.
To better reach small businesses, SBA is launching the Community Navigator Pilot Program that will strengthen outreach to underserved businesses by partnering with organizations with deep roots in their communities. This grant funding opportunity will be open to proposals from SBA resource partners, states, tribes, units of local governments, and other nonprofit organizations. Competitive grant awards will range from $1 million to $5 million for a two-year performance period. Applicants have until July 23, 2021, to submit their applications at grants.gov.
This program offers grants to shuttered venues who have been impacted by the pandemic.
New Mexico Finance Authority (NMFA) has increased eligibility and flexibility of the Small Business Recovery Loan Fund. This $500 million loan fund offers loans up to $150,000 at a current interest rate of 1.625%, terms up to ten years, no payments due the first year, interest-only payments due in the second and third year, and no penalty for paying off a loan in advance.
This program supports jobs in the arts sector, and works to keep the doors open for arts organizations. Eligible organizations for these one-time grants include, but are not limited to, nonprofit arts organizations, local arts agencies, arts service organizations, units of state or local government, federally recognized tribal communities or tribes, and a wide range of other organizations. These funds are intended to support day-to-day business expenses/operating costs, and not specific programmatic activities. Cost share/matching funds are not required.
Business Resource Organizations
The US Small Business Administration (SBA) Disaster Assistance webpage lists various Coronavirus funding options, Coronavirus recovery information in languages other than English, guidance for businesses and employees, and local assistance.
WESST provides services to those who are interested in starting or growing a business. They offer consulting and training in a variety of topics including business finances, business technology and strategic business issues.
SCORE provides resources for small businesses such as free mentorship, webinars, workshops, and other ongoing support.
DreamSpring helps business owners thrive through affordable loans and support. DreamSpring is a PPP lender.
NMEDD hosts information about recent grant and loan opportunities on their COVID-19 New Mexico Business Resources page.
Buy for Tomorrow Today hosts a list of local businesses and provides visitors of the site the option to shop online or purchase gift cards from many local businesses.
The Small Business Development Center at CNM is hosting various webinars and trainings in response to COVID-19.
The New Mexico Small Business Development Center (NMSBDC) has help for businesses impacted by the COVID-19 health emergency. NMSBDC is prepared to help businesses navigate through these uncertain times. They have counselors available and also provide trainings on new federal programs.
Grow It! was created by the New Mexico Municipal League in partnership with Finance New Mexico. The project’s goal is "to stimulate private sector job development in New Mexico by putting information about business resources directly into the hands of entrepreneurs." The website lists business resources by proximity to each municipality. Many municipalities have also posted links to their business registration applications and business related ordinances on this site.
Co-operative Catalyst of New Mexico serves as a resource for individuals, groups, companies, and other organizations in New Mexico that are interested in forming, converting to, or growing cooperatives. They follow a proven process to help cooperatives form, grow, and succeed. They provide training, education, and mentorship, and connect current or potential cooperatives to other resource providers, including financing.