$100,000 in grant money available to underrepresented Texas business owners

Founders First CDC has announced that there are approximately $100,000 in grants available to minority businesses in the state of Texas. This is the second round of grants awarded by the nonprofit as part of the Job Creators Quest Grant to support minority and underrepresented entrepreneurs.

Job Creators Quest Grant Provides $100K to Small Businesses

The Job Creators Quest Grant is designed to help business owners create premium payroll jobs and reward diverse managed businesses across Texas to maintain and grow their workforces.

The second-round grant opened for submission on June 24 and will remain open until July 25, 2022. With the $100,000, thirty grants will be awarded to various managed companies in the North, Middle East or South Texas regions. The applicants must have a staff of 2-20 employees and the ability to add 1-2 new net contributory jobs over the next 12 months. Previously, $100,000 in grants was awarded to companies in Pennsylvania and New Jersey.

“We’re thrilled to be able to invest money and resources in hardworking entrepreneurs across Texas to help them thrive, even in uncertain economic times. Investing in diverse entrepreneurs is not only an effective way to create jobs, but is also a critical way to close the overall wealth gap in underserved communities,” said Shaylon Scott, executive director of Founders First.

Eligibility for the subsidy

To be eligible for the grants, companies must:

Have a current workforce of 2-20 employees Must be a service-oriented company Acting as a for-profit company with annual revenues between $100,000 and $3 million Founded by an entrepreneur who identifies as a minority, LGBTQIA+, military veteran, female or located in a low to middle income area

The grant money can be used as growth capital for hiring or rehiring high-pay jobs, or as a cash injection to purchase, repair or upgrade equipment needed to help businesses overcome growth challenges and scale for the future. to start.

Interested companies located in the Dallas-Ft. Worth, Houston, Austin and San Antonio can apply at this link.

The grants range from $1,500-$10,000 per company and include a guaranteed spot in one of Founders First’s accelerator programs. The accelerator program provides a full-tuition scholarship to winners with ways to increase their earnings and drive profitable growth.

The subsidy amount will be paid in two installments. Half of the grant amount in cash will be paid up to 60 days after the signed terms and conditions, W-9, and the establishment of the payment disbursement system is confirmed. The balance will be paid up to 60 days after completion of the company’s participation in the qualifying accelerator program.

The grant project was launched in early 2021. Since its launch, Founders First CDC has awarded more than $400,000 to minority and underserved business owners in the United States, with a focus on Texas, Chicago, Southern California, Philadelphia and New Jersey.

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