Local Governments to Apply for Funding to Assist Small Business
San Juan County, NM — Help may be on the way for small businesses in San Juan County through the New Mexico Small Business Continuity Grant. Last week, the State of New Mexico announced $50 Million available for local governments to apply for a portion, and distribute it to small businesses within their jurisdictions. San Juan County and the cities of Aztec, Farmington, and Bloomfield announced today they will each apply for the grant.
If awarded, the governmental organization with which the business is registered will accept applications from businesses with gross revenues less than $2 million per year. The businesses must fill out a brief form, provide some basic information, and meet basic criteria to be eligible. The grants will be $5,000 to $10,000 per business and are intended to assist businesses maintain continuity of operation, or to replace some losses. There is no guarantee that the full grant amount requested from the state will be awarded and may change the award amounts to businesses.
The application to the state will be submitted by each governmental organization by August 7. The state has said that the money will be awarded by August 21. After the money is awarded, applications will be accepted from small businesses. There will be more information on the process and requirements after the money is awarded.