Helping small businesses grow through micro-grants

Many small businesses across the region could benefit from extra capital to accelerate business growth and lead to extra hiring. However, accessing that funding can prove challenging, which is where the Micro-Grant Fund from the nonprofit Regional Development Corporation comes in.

Supported by a grant from Laboratory operator Triad, the fund awards up to $3,000 to small businesses in Northern New Mexico to purchase business equipment, consulting services or specialized software. Applications for 2024 awards are currently open, with a deadline of May 3.

The aim is to help companies sustain or grow revenue, diversify product or service offerings, leverage other investments, and put systems in place that lead to growth and create job opportunities.

In 2023, the RDC awarded $154,000 in 57 micro-grants throughout the seven-county region.

Amy Harmon, owner/operator of Santa Fe-based Soap & Supply was a 2022 Micro-Grant Fund awardee. Founded just before the COVID pandemic, her business aims to reduce plastic waste by offering bulk refills for household and personal care items such as soaps, moisturizers and cleaning products.

Harmon reduced business risk by starting small and limiting debt. The grant allowed her to run the business’s first comprehensive advertising campaign to solidify brand awareness and a local client base. Soap & Supply is hitting its growth targets.

Information sessions and technical support

The RDC is hosting online information sessions on April 16 and April 17 to explain eligibility and the application process for this year’s awards. 

Once a business applies they are eligible to receive technical support and information on other funding opportunities, whether or not they receive an award from the fund.

The deadline for applications is May 3, and full information is available here.