LiftFund

Project Summary

To relieve a portion of pandemic-related challenges. LiftFund's Revitalize Las Cruces Small Businesses program will allow macro and small business owners to apply for capital through a grant process. Funds awarded will depend on the reduction in gross sales experienced by the businesses during the pandemic.

Grants will range from $10,000 to $25,000 to eligible micro and small businesses. Funds must be used for business-related expenses, including payroll, working capital, business rent, inventory, supplies, equipment, and other operating costs.

  1. Applicants are only eligible to receive one grant award;
  2. Only one grant may be awarded per business with more than one location; and
  3. Limited to one grant per physical address within City of Las Cruces.

Business qualifications include:

  1. Annual gross revenues of more than $10,000 but not more than $3 million;
  2. Located in the City of Las Cruces, as indicated by a City-approved boundary map; (City to provide a shape file of city boundaries);
  3. Experienced negative impact on operations due to the pandemic;
  4. In operation before January 1, 2020 with documented financials in 2019;
  5. Currently operating;
  6. Be in good standing with New Mexico Secretary of State's Office, if applicable.

Prohibited industries are: non-profits, sexually-oriented, gambling, payday lenders, and real estate investment. Prohibited industries will be identified by their NAICS code. Franchises are allowed.

Goals

Relieve the Las Cruces business community from COVID-19-induced financial loss.

Milestones

May 15, 2023 - Program funds + 1/2 administrative fee released from City to LiftFund.
 June 30, 2023 - First applicant Analysis Report submitted to City. Weekly pipeline reports submitted until program concludes.
 August 25, 2023 - 1/2 Administrative Fee Payment due from City to LiftFund.

Outcomes

Develop a promotional plan that educates potential applicants about the opportunity, as follows:

  1. Create a free, publicly accessible webpage for the grant program with access to the grant application and listing of the grant criteria and information, available in English and Spanish.
  2. Two (2) informational sessions with live translation into Spanish during the application period.
  3. Press release prior to the application period.
  4. Social media promotion on LiftFund networks prior to and during the application period.
  5. E-blast to LiftFund clients with businesses located in the City.
  6. Provide direct assistance and/or partner with organizations that can provide assistance to applicants that do not have capacity to complete an online or paper grant application or secure required documentation.

Award grants to eligible businesses.

Rationale for the Project

Las Cruces businesses struggled with the challenges brought on by the COVID-19 pandemic. This project will provide loans to some of the hardest-hit macro and small businesses through grant funding.