The Downtown Storefront Activation Grant Program is an economic recovery program aimed to increase the vibrancy of Downtown Albuquerque.
Donor Name: City of Albuquerque
State: New Mexico
City: Albuquerque
Type of Grant: Grant
Deadline: Ongoing
Size of the Grant: Up to $250,000
Details:
The Downtown Storefront Activation Program is a grant program designed to support thriving urban districts with the goals to:
- Attract established businesses with existing customer base;
- Improve safety by increasing foot traffic to new businesses;
- Decrease the number of vacant commercial spaces in Downtown Albuquerque; and
- Create an attractive physical environment with well-designed and engaging storefronts.
Funding Information
- The grant amount will vary based on the Usable Square Feet (USF) of the storefront. Usable Square Feet is defined as the total area unique to the tenant; this excludes any common areas such as shared lobbies, shared restrooms, shared storage, elevators, etc.
- The tiered award system is as follows: Tier Usable Square Feet (USF)
- Tier 1: 2,000 sq. ft. to 7,999 sq. ft.
- Award Amount: $50,000.00
- Tier 2: 8,000 sq. ft. to 19,999 sq. ft.
- Award Amount: $75,000.00
- Tier 3: 20,000 sq. ft. to 34,999 sq. ft
- Award Amount: Up to $150,000.00
- Tier 4: 35,000 sq. ft. +
- Award Amount: Up to $250,000.00
- Tier 1: 2,000 sq. ft. to 7,999 sq. ft.
Eligibility Criteria
- The location for which funding is being applied for must meet all the criterion below:
- Meets the Usable Square Feet of any tier; and
- The commercial storefront location is on the ground-floor and vacant; and
- Has a primary entrance into the storefront from the sidewalk.
- The Downtown Storefront Property Database is available as a helpful resource for Applicants. The database provides a list of available properties, but is not comprehensive. It is the responsibility of the Applicant to ensure properties are available, contact the property owner or manager, and negotiate their own lease terms.
- Additionally, other non-affiliated City property listing resources are available online. Online resources include Carnm.realtor; LoopNet.com; or Crexi.com (not a comprehensive list).
- If applying for a BUSINESS:
- Currently owns and operates business. Interested applicants must have a minimum of 1 operating location in a similar industry that has been open in its current location for the past two years and the business has been in continuous operation for at least 5 years.
- Past Revenue
- Past year’s annual gross income is greater than $500,000.00
- Past year’s annual gross profit is at least 50% of annual gross income.
- Projected Revenue
- Projected revenue of at least $500,000 by year two at the proposed Downtown Location
- At least 10 FTE employees. Cumulative of all locations excluding the new location.
- Hours of Operation. Applying business must be open to the public a minimum of 5 days/week for at least 6 hours per day, between 9 am and 10 pm.
- Ineligible:
- Businesses based exclusively on sales of products or services related to adult entertainment, nicotine products, cannabis products, liquor-only sales, or exclusive membership-based activities (except: fitness-related services).
- If applying for a NON-PROFIT:
- Currently Operating. The nonprofit has been in continuous operation for the past 5-years and have adopted Bylaws, Mission Statement, and Vision Statement.
- Sound Financial Standing. The non-profit shall have financial management practices that demonstrate capacity and stability through the following:
- The grant amount shall not exceed 20% of the organization’s previous year’s annual income; and
- The organization must have a Tax ID number; and
- The non-profit must have 6 months of administrative operational costs in financial reserves; and
- The non-profit must provide audited financial statements for past 2 years.
For more information, visit City of Albuquerque.
