City of Socorro Small Business Grant Program
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.
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:
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.
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.
As part of the application process, applicants are required to upload electronic versions of these documents:
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:
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.
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 occurs within 5 business days after City of Socorro provides funding schedule in the Agreement.
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.