Founders First CDC has announced that around $100,000 in grants will be available for a minority-owned businesses located in Texas. It is the 2nd grant round being granted by the organization under the Job Creators Quest Grant to help minority and business owners who are underrepresented.
Job Creators Quest Grant Providing $100K to Small Businesses
The Job Creators Quest grant was designed to assist entrepreneurs to create better-paying jobs and encourage diverse, people-driven companies across Texas to increase and retain their workforce.
The second round of grant applications was open for applications on June 24 and is open until July 25, 2022. With the grant of $100,000, the grant will comprise thirty. given to businesses owned by various companies situated in North, Central East, or South Texas. They must have a team of between 2-20 employees and have the potential to add 1 or 2 new jobs at a net premium wage over the next twelve months. Prior to this, the grant amount was $100,000. were granted to businesses within Pennsylvania or New Jersey.
“We are delighted to be able to invest funds and resources into hard-working entrepreneurs across Texas in order to help them grow regardless of difficult economic conditions. Investing in entrepreneurs of diverse backgrounds is not just an effective method of creating jobs, but it’s also crucial to bridge the gap in wealth in communities that are not well-served,” said Shaylon Scott the Director for Founders First.
Eligibility for the Grant
To be eligible for grants, businesses must:
- Are currently employing 2-20 employees
- Should be a business that is based on services
- Be a for-profit business that has annual revenues of between $100 and $3 million
- The company was founded by an entrepreneur that is identified as LGBTQIA, a minority, a minority+, veteran of the military or woman, or lives in a low- to moderate-income area
The grant funds can be used to employ or rehire employees with premium wages jobs, or as a cash, injection to purchase, repair or improve equipment needed to assist businesses in tackling growing challenges and preparing for the future.
Companies are interested in Dallas-Ft. Worth, Houston, Austin, and San Antonio can apply
The grants will range from $1500 to $10,000 per company and will guarantee a spot in one of FoundersFirst’s accelerator programs. The accelerator program provides the full tuition fee to participants with the opportunity to boost their income as well as drive profitable growth.
The award amount is distributed in two installments. Half part of the total cash prize will be distributed within 60 days following that the conditions and terms are met are met, W-9s have been signed and the setup of the payment disbursement system is confirmed. The remaining amount will be distributed for up to 60 days following the end of the business’s participation in an eligible accelerator program.
The grant program was launched at the beginning of 2021. Since its beginning, Founders First CDC has given over $400,000 in grants to minorities and underserved business owners all across the United States with a focus on Texas, Chicago, Southern California, Philadelphia, and New Jersey.