500 apply for ABQ micro-business aid

City has only enough money for 100 ‘working capital grants’ to firms

More than 500 businesses have applied for new micro-business grants that Albuquerque officials announced Monday — hundreds more than current funding can sustain.

But city leaders say they continue accepting applications and intend to pursue additional funding to expand the program.

The new “Micro-Business Relief Program” has $500,000 to help businesses with five or fewer employees weather coronavirus-related economic fallout. It provides up to $5,000 in “working capital grants” to individual businesses.

Albuquerque Mayor Tim Keller and the city’s economic development director, Synthia Jaramillo, announced the program Monday morning.

By midday Tuesday, more than 500 had already applied. Assuming each applicant gets $5,000, the city can help only 100.

“The program was oversubscribed within six hours of us announcing it,” Keller said.

Applicants will be evaluated to ensure they meet eligibility requirements, which include size, location inside city limits and at least six months of business operations.

Those who meet the criteria will receive funding based on the order in which their complete application was received, Economic Development Department spokeswoman Jennifer Esquivel said.

But Esquivel said officials are seeking new cash infusions to help more than is currently possible, having discussions with the city’s foundation, the One Albuquerque Fund, and other government entities.

“There is clearly a huge demand for this now,” Keller said.

Keller said those who want to contribute can donate to the One Albuquerque Fund at onealbuquerque.org.