Founders First CDC Doubles Down on Grant Program for Pennsylvania and New Jersey Businesses

National non-profit commits to region with second $100K fund available to local businesses

PHILADELPHIA, May 10, 2022 /PRNewswire-PRWeb/ -- Founders First CDC ("Founders First"), a national 501(c)(3) nonprofit organization that empowers expansion in diverse founder-led, revenue-generating businesses, announced its second and expanded "Job Creators Quest Grant" for qualified businesses in Pennsylvania and New Jersey. The funding program totals $100,000 and will be awarded to 30 minority and underrepresented businesses in the neighboring states. Grant recipients will also receive a scholarship to its business accelerator, a program that includes leadership coaching and continuing business education.

To qualify for the grant package, businesses must be located in Pennsylvania or New Jersey. Businesses will also need to meet the following criteria:

• A current staff of 2-20 employees
• 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, or is located in a low-to-moderate income area

Grants will range from $1,500 - $10,000 per company, and include a guaranteed spot in one of Founders First's accelerator programs. Recipients will be selected based on their demonstrated ability to maintain and grow their workforce, as well as their commitment to creating premium wage jobs in their communities. In previous years, funding has supported a wide range of businesses, including a new high-tech apparel company specializing in more breathable clothing as well as an allergen-free baked goods company.

"Although Pennsylvania and New Jersey are two different states with unique stories to tell, their entrepreneurs are bound by the gritty determination needed to overcome challenges in business and life," said Shaylon Scott, Executive Director of Founders First. "We're proud to return to both markets in an effort to build long-term relationships and support the ambitious leaders who are inspiring their communities."

Funding for this program was facilitated by a $1 million national grant from the Rockefeller Foundation and ADP, in conjunction with Founders First Capital Partners' recent $9 million Series A financing accelerator to support underrepresented entrepreneurs in underserved communities across the country. JP Morgan Chase and the Kauffman Foundation have also been steadfast partners in growing the program at a national level.

Additional national and regional partners include Black Enterprise, Spring Point, PIDC, The Enterprise Center, the Institute for Entrepreneurial Leadership, ImpactPHL, Ben Franklin Technology Partners of Southeastern Pennsylvania, New Jersey SBDC, 76Forward, University City Science Center, Juno Capital, the Temple University Small Business Development Center, Village Capital, West Philadelphia Corridor Collaborative, Philly Startup Leaders, and Technical.ly. Since its inception, Founders First has served more than 450 companies that have created over 300 jobs and raised over $20 million among its founders.

"The combination of the grant and participation in the accelerator is a real win for companies that participate. I was impressed to see the quality of presentations that came out of the most recent Founders First cohort. We are happy to support Founders First and their mission of improving the success rate of these community-based, high impact businesses," said Ben Franklin Technology Partners of Southeastern Pennsylvania Vice President, Strategic Initiatives Margaret Berger Bradley.

Qualified business owners in Pennsylvania and New Jersey can apply for the grant by visiting the application page or emailing [email protected] to learn more. The deadline to apply is June 13, 2022 at 5 p.m. ET.

About Founders First CDC
Founders First CDC is a nonprofit 501c3 that was founded in 2015 and has received significant support from regional community reinvestment banks to empower diverse founder-led, revenue-generating small businesses through three primary programs: Challenge, Bootcamp, and FastPath. By building recurring revenues, tech-enablement, and essential solution focus, Founders First serves as a catalyst for positive change to diverse entrepreneurs to become leading employers in their communities. http://www.foundersfirstcdc.org

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SOURCE Founders First CDC