Founders First CDC has announced that some $100,000 in grant money is available for minority-owned businesses in the state of Texas. This is the second round of grants being awarded by the nonprofit as part of the Job Creators Quest Grant to support minority and underrepresented business owners.
Job Creators Quest Grant Providing $100K to Small Businesses
The Job Creators Quest Grant is set up to help business owners create premium wage jobs and reward diverse-led businesses throughout Texas to retain and grow their workforce.
The second-round grant opened for submission on June 24 and will remain open through July 25, 2022. With the $100,000, thirty grants will be awarded to diverse-led companies located in the north, central east or south Texas regions. The applicants must have a staff of 2-20 employees and the ability to add 1-2 net new premium wage jobs in the next 12 months. Previously $100,000 worth of grants were awarded to businesses located in Pennsylvania and New Jersey.
“We are happy to be able to invest money and resources in hard-working business owners throughout Texas to help them thrive, even during uncertain economic times. Investing in diverse entrepreneurs is not only an impactful way to create jobs but is a pivotal way to close the general wealth gap in underserved communities”, said Shaylon Scott, executive director of Founders First.
Eligibility for the Grant
To be eligible, for the grants businesses are required to:
- Have a current staff of 2-20 employees
- Should be a service-based business
- Act 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, a woman or is located in a low-to-moderate income area
The grant money can be used as growth capital to hire or rehire premium wage jobs or be used as a cash infusion to purchase, fix or enhance equipment necessary to help businesses manage growth challenges and scale for the future.
Interested businesses located in the Dallas-Ft. Worth, Houston, Austin, and San Antonio can apply by using this link.
The grants will range from $1,500 – $10,000 per company and include a guaranteed spot in one of Founders First’s accelerator programs. The accelerator program offers a full-tuition scholarship to awardees with ways to increase their revenue and drive profitable growth.
The grant amount shall be disbursed in two installments. 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.
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 throughout the United States with a focus on Texas, Chicago, Southern California, Philadelphia and New Jersey.
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Why isn’t the money being given to struggling businesses? It doesn’t seem fair that a company already making a profit will be given more.
It is the ones who need help the most should be helped.