Albuquerque Black Business Fund

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Albuquerque Black Business Fund

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/

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‍Program Overview

Overview: The Black Chamber of Commerce of New Mexico is offering grants to support for profit and nonprofit/tax exempt businesses and organizations that are registered and operating within the Albuquerque city limits, and are a member of the Black Chamber of Commerce of New Mexico. These grants aim to provide financial assistance to businesses meeting certain criteria, promoting economic empowerment and growth within the community.

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General Applicant Eligibility

1. All businesses/organizations must be registered and operating within the City of Albuquerque

2. Applicants must a current member of the Black Chamber of Commerce of New Mexico

3. Tax-exempt/Non-profit organizations:

     a. Mission Alignment

          1. The organization’s primary mission must be to serve the community, demonstrated through:

                i. Program descriptions

                ii. Community impact reports

                iii. Beneficiary demographics

     b. Operational Requirements

          1. Must be a registered 501(c)(3) nonprofit or an IRS designated Tax-exempt organization

     c. Accountability

          1. Must designate a fiscal officer or executive responsible for fund oversight

          2. Must agree to submit a grant use report within 12 months of award

          3. May be required to work with a fiscal sponsor if newly formed or lacking financial history

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Grant Application Processing Time

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

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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
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Use of Funds

For profit applicants must specify how the funds will be utilized to benefit and grow their business. Non-profits/tax-exempt organizations must specify how the funds will be utilized for programs that serve the community.

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

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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/organization’s objectives.
  3. Provide a budget that supports the amount requested.
  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.

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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/organization. This report must 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 businesses and organizations 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. 

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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/

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Grant Tiers & Eligibility

AWARD AMOUNTS ARE SUBJECT TO CHANGE BASED ON FUND BALANCE

Tier One (up to $2,000)

  • Been in business for a minimum of six months
  • Business/organization is registered and operating in Albuquerque
  • Business/organization is a current member of the Black Chamber of Commerce of New Mexico
  • The business’s primary location is in Albuquerque (no P.O. Boxes)
  • In good standing with the Secretary of State (www.sos.nm.gov/business-services/)
  • Must submit (upload) the following with the application:
    • Bylaws or Articles of incorporation/organization (all applicants)
    • Business Plan (for-profit only)
    • Business operating agreement (for-profit only)
    • Current City of Albuquerque business registration (all applicants)
    • Current Secretary of State Good Standing Certificate (all applicants)
    • Business bank account documentation (all applicants)
    • IRS determination letter (non-profit/tax exempt)
    • Board of Directors roster (non-profit/tax exempt)
    • Budget that supports the amount requested and how success will be measured (all applicants)
    • Clearly define how the grant funds will be used and how they align with the organization’s goals and objectives (all applicants)

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Tier Two (up to $ 3,500)

  • All requirements of Tier One, plus
  • Been in business for a minimum of two years (all applicants)
  • Current tax filing submitted (for profit)
  • Most recent tax filing - IRS Form 990 for (tax-exempt/non-profits)

Tier Three (up to $5,000)

  • All requirements of Tiers One and Two, plus
  • Been in business for a minimum of three years (all applicants)
  • Filed business taxes for a minimum of three years (all applicants)
  • Leadership and financial management skills narrative (on the application) (for profit)
  • Fund oversight fiscal officer or executive leadership financial management skills narrative (on the application) (tax-exempt/non-profit)
  • Current financial statements (Balance Sheet and Profit & Loss) (for profit) 
  • Current financial statements - (Balance Sheet and Profit & Loss) audited or board-approved (tax-exempt/non-profit)

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