Job Creators Quest Grant Provides $100K to Small Businesses

There are only a few days left to apply for a Job Creators Quest Grant in the states of Pennsylvania and New Jersey.

Job Creators Quest Grant Provides $100K to Small Businesses

A total of $100,000 in grants will be distributed to 30 small businesses through cash prizes ranging between $1,500 and $10,000. Grant recipients will also receive a full scholarship to a Founders First accelerator program that will help them increase their revenues and drive profitable growth.

Eligibility Criteria for Job Creators Quest Grants

Eligible companies for this grant round must be located in Pennsylvania or New Jersey. They must have a current workforce of between two and twenty people, and they must also aim to hire one, two, or even more new employees for high-paying new jobs within the next twelve months.

Applicants must also represent a for-profit company founded by an entrepreneur from a disadvantaged community, including people of color, women, LGBTQIA+, and military veterans. Also eligible are companies located in a low to middle income area.

The final criterion is that eligible businesses must have annual revenues between $100,000 and $3 million and derive their revenues from a service-based business model, meaning there is at least one revenue stream that serves other businesses.

The deadline to apply is Monday, June 13, 2022, 5:00 PM (East).

Founders of the 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 companies generating more than $1 million dollars in revenue 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. Additionally, each scholarship recipient will receive a full scholarship to one of Founders First CDC’s great business accelerator programs.

Scholarship recipients will be selected based on their demonstrated ability to maintain and grow their workforce despite the pandemic, as well as their continued commitment to creating premium wage jobs in their communities. More than 500 diverse small businesses have completed Founders First programs to increase revenue, profitability and team members.”

Founders First also explains how the grant will be paid out once the recipients have been confirmed: “The grant 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 are confirmed. The balance will be paid up to 60 days after the completion of the company’s participation in the qualifying accelerator program.”

Growing companies with subsidy money

The grant money can be used to purchase, repair or upgrade equipment needed to help manage growth challenges and scale for the future. Founders First adds, however, that the grant money can be used in any way the recipients believe will help grow their business.

While these current grants are only for eligible businesses in Pennsylvania and New Jersey, grants for other areas are coming soon. In fact, eligible Texas, Southern California, and Illinois companies can already pre-register their applications.

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