City of Socorro Small Business Grant Program

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Purpose:

This fund is intended to support an inclusive and diverse small business environment within the City of Socorro. Businesses with revenues up to $2 million may apply. The program has dedicated $350,000 to small business recovery grants and funds will be issued before December 30, 2020. Grants awarded for this program are up to $20,000 a business. Only one business owner may receive an award through this program.

Business Qualifications

The fund is not first come first served. All applications will be reviewed based on stated and verified business information and business operations. Small businesses must meet the following guidelines:

  • Annual revenues of more than $10,000 but not more than $2 million from all business activities;
  • limited to businesses that are located and will remain located within the City limits of the City of Socorro;
  • Demonstrates a loss of at least 10% of revenue in the period beginning March 12, 2020;
  • Business established prior to January 1st, 2020;
  • The following business types are not eligible to apply: gambling or gaming, national franchises, adult establishments, pay day loan or auto loan stores

Grant Document Verification:

  • Business entity formation documents;
  • 2020 Bank Statements related to business activity;
  • Payroll Documentation with employee listing/count;
  • 2020 IRS 941;
  • Business tax return (2018 or 2019) to determine business revenue;
  • Driver’s license;
  • Proof of Business location

Grant Program:

The 2020 COVID·19 pandemic caused unprecedented challenges and interruptions to businesses nationwide. The goal of the Small Business Grant Program is to help local businesses that suffered as a result of the pandemic to reopen.

Eligible Expenditures:

Businesses may apply for the following expenses associated with re-starting business operations: working capital, payroll for job retention or expansion, rent/mortgage for business location, utilities and other general operating expenses.

Application Process:

As part of the application process, applicants are required to upload electronic versions of these documents:

Application:

  • Applicants will apply online through LiftFund landing page dedicated to program;
  • Applicants will have the ability to log in and out of their application during the application period;
  • Applicants can request assistance via phone or video conference;
  • Applicants will be notified of receipt of application when they submit;
  • Applications must be completed with all verification documents uploaded;
  • Applications open for 15 days.

Application Assessment:

After completion of the open application period, LiftFund will review application information and automated removals of the applications that do not meet the City’s requirement. LiftFund will remove all duplicates as well. After data review is completed a randomized selection will occur that will provide the lottery selection. Applicants will be informed as follows:

  • Pre Approved and Selected in Lottery
  • Pre Approved and Not Selected in Lottery
  • Not Approved, did not meet the criteria of the program

Evaluation:

LiftFund will evaluate the applications that were selected in the lottery first and validate their stated information to their documents submitted. This will take up to 15 business days. At this time, a team member will follow up if documents are missing and finalize the application with an award amount.

Awards:

Business owner will be notified via email and/or phone with the amount of the grant. The grant agreements will be signed through DocuSign.

Funding

Funding occurs within 5 business days after City of Socorro provides funding schedule in the Agreement.

Grant Follow Up

All businesses receiving assistance will be required to complete a follow-up survey after the grant is awarded along with a consultation. Grant recipients must keep detailed records on re-opening dates, receipts for expenditure of grant funds, and staff and payroll records. Grant recipients will also have access to ongoing technical assistance webinars to receive the support and business education needed to prevent permanent closure and maintain job creation and retention.