There are only a few more days left to apply for a Job Creators Quest Grant in the states of Pennsylvania and New Jersey.
Job Creators Quest Grant Providing $100K to Small Businesses
A total of $100,000 in grant funding is to be shared amongst 30 small businesses via cash awards ranging between $1,500 and $10,000. Grant recipients will also receive a full tuition scholarship to a Founders First accelerator program which will help them increase their revenues and drive profitable growth.
Eligibility Criteria for Job Creators Quest Grants
Eligible businesses for this round of grants must be located in Pennsylvania or New Jersey. They must have a current staff of between two and 20 people, and should also be aiming to hire one, two or even more new employees for new premium wage jobs within the next 12 months.
Applicants must also represent a for-profit business founded by an entrepreneur from an underserved community including people of color, women, LGBTQIA+ and military veterans. Also eligible are businesses located in a low-to-moderate income area.
The final criteria is that eligible companies must have an annual revenue between $100,000 and $3 million and make their revenue off a service-based business model, meaning at least one revenue stream serving other businesses.
The deadline to apply is 5 p.m. (Eastern) on Monday, June 13, 2022.
Founders First Grant Process
A statement on the Founders First website explains the grant award process: “Founders First is committed to increasing the number of diverse founder-led businesses generating over $1 million dollars in revenues and creating premium wage jobs. A total of $100,000 will be awarded to 30 small businesses: $10,000 grant, $5,000 grant, $2,500 grants, $1,500 grants. In addition, each grant recipient will receive a full tuition scholarship for one of Founders First CDC’s stellar business accelerator programs.
“Grant recipients will be selected based on their demonstrated ability to maintain and grow their workforce despite the pandemic, as well as their ongoing commitment to creating premium wage jobs in their communities. Over 500 diverse-led small businesses have gone through Founders First programs to increase revenue, profitability and team members.”
Founders First also explain how the grant will be paid once the recipients have been confirmed: “The grant amount shall be disbursed in two instalments. Half of the cash grant award amount will be disbursed up to 60 days after signed terms and conditions, W-9 and set up of payment disbursement system is confirmed. The remaining portion will be disbursed up to 60 days after the completion of the business’ participation in the eligible accelerator program.”
Growing Businesses with Grant Money
The grant money can be used to purchase, fix or enhance equipment necessary to help manage growth challenges and scale for the future. However, Founders First add that the grant money can be used in whatever way the recipients believe will help to grow their business.
While these current grants are just for the eligible businesses in Pennsylvania and New Jersey, there will be grants for other areas coming soon too. In fact, eligible businesses from Texas, Southern California and Illinois can already pre-register their applications.
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