The Regional Development Corporation (RDC) seeks to sustain and further develop small businesses in northern New Mexico by offering micro-grants in order to grow and diversify the economy an create jobs for those who want to stay in the region.
Purpose: The Regional Development Corporation’s Micro-Grant Fund offers micro grants to any type of small business that has an immediate need for a small amount of funding to sustain the company and/or to move it to the next level, and/or add jobs. A Micro-Grant assists companies that may not be eligible for other types of funding, or are not aware of available funding sources. Companies selected for this award do not give up any equity by accepting funding, and are not required to provide collateral or a personal guarantee.
Awards are made on a competitive basis and are intended to provide small infusions of capital that allow a business to diversify, sustain or grow revenue, leverage other investments, and put proper systems in place that lead to growth in order to create opportunities for job seekers who want to stay in the region. The RDC provides technical support and information on other funding opportunities to all applicants.
Important Dates: The application process for the 2021 spring application cycle is complete. The next round of Micro-Grant funding is to be determined (TBD)
Award Size: The award size for the next round of Micro-Grant funding is TBD. In the 2021 spring round of funding, the award size was $500 - $2,000
Eligibility: Small businesses of any type, size, or stage may apply. Applicants in rural areas of the RDC’s seven county service region will be given preferential consideration, as will applicants who have not previously been awarded an RDC grant or no-interest loan. Proposals relating to gaming, tobacco, or illegal activities will not be funded. To be eligible, applicants must:
Be a for-profit company with a business license, business bank account, and CRS identification number.
Must have been in business at least 6 months at the time the application is submitted
Be headquartered in Sandoval, Santa Fe, Los Alamos, San Miguel, Mora, Rio Arriba, or Taos county
Submit a fully completed Micro-Grant Fund application by the published deadline
Have a specific project in mind with well-defined goals and tasks that will move the company forward and can be completed in 6 months or less from the date of the grant agreement
Award Guidelines: Funds are awarded through a competitive process. Micro-Grant funds are not available for general business expenses such as rent, utilities, inventory, insurance, or salaries. Instead, awards are to be used to complete a project by procuring specialized software or services or company equipment that will move the business forward. The full or a partial amount of the total request may be awarded. Payment is not made upfront but only once purchases are completed and approved. NOTE: Needed purchases listed in an application can not be bought before an award is made and a signed agreement is in place.
Selection Process: Proposals that meet the eligibility requirements will be evaluated by an independent review panel of local and regional business experts. Proposals will be evaluated on their potential to create new jobs, increase or diversify revenues for the company, and leverage other investments.
How to Apply: The application will be available for download on this page when the next application cycle opens. Sign up for the RDC newsletter to stay informed on the next opening date.
Note: Award Size, Eligibility, and Award Guidelines are subject to change.