Here are answers to the most common questions about Job Creators Quest Grants.
To support revenue generating businesses with 2-20 employees led by diverse founders. We encourage premium wage job growth and award businesses that have been able to retain and grow despite the pandemic. The Job Creators Quest grant is an initiative to launch Founders First Community Development Corporation’s (FFCDC) expansion into new regions by supporting small businesses from diverse backgrounds to scale and impact the ecosystem. The grants are paired with access to one of our stellar business accelerator programs. We encourage businesses that are looking to grow and scale their businesses in size, scope and knowledge to apply.
Founders First is a nationwide platform, however, the grants are region specific. We are launching multiple regions across the US in the next two years so please sign up for our newsletter and follow us on social media for updates on our next launch.
For the Philadelphia/New Jersey grant, we will select 20 companies and award them with a grant that will be as large as $10K to as small as $1000. The total of all twenty grants is $60,000. Ten grant recipients for a total of $30K awarded as follows:
We will evaluate the applications submitted based on the strength of their ability to create 1- 2 new jobs within the next 12 months, complete and clear submission of information with documentation on their business and how the companies are going to leverage the grant funds to create new jobs.
A significant part of our mission is social and economic equity and we see a connection with full time jobs. We are seeking those businesses that are able to create jobs with an average $50K in yearly salary and benefits. Social Economic Equity is important and a connection to move the needle is to create full time roles that provide livable wages. Many programs that are targeting this market may be creating part time jobs at minimum wage, and while that is positive it doesn’t close the economic equity gap.
No, the company must be diverse-led; meaning founders that are people of color, women, LGBTQ community, military veterans or their business is located in a low or moderate income area. They also need to be a revenue generating business of $100K to $3M per year, have at least 2 employees, seeking to grow and will add 1- 2 new jobs in 12 to 24 months. See additional qualifications in Question 4.
Founders First CDC has received grants to support our operations, including a $1M from the Rockefeller foundation that supports our growth. The Job Creators Quest Grant is one of the programs that we are launching in 2021 that started with the Chicago region in April and Southern California in May. We will be holding approximately 10 of these over the next couple years to support diverse founders.
We recognize the definition of minority business owner as the tool and certification program that has been used for decades by the government and major corporations to engage and contract with businesses owned and operated by 51% black and brown founders. Founders First is a certified minority owned business. Women led businesses that have over 51% ownership are defined as certified women owned businesses.
Companies that we support via the accelerators; Founders First Capital Partners has the ability to provide business owners with growth capital if needed.
A program that provides a combination of structured training, coaching and introductions to resources and partners. We offer 3 programs with multiple start dates that support businesses with revenues between$50K to $5million to help them grow and scale their businesses.
Our accelerator programs are premier executive level business growth programs. Thanks to our support organizations, we are able to offer scholarships up to 90% of the tuition. Depending on the program, the cost can range from $250 to $2000. For grant recipients, the cost of the accelerator is included as a 100% scholarship
All grant applicants are eligible to participate in FFCDC’s accelerator programs at a discounted rate as follows: Challenge: $187; Bootcamp $500; FastPath $750. Grant recipients receive a 100% scholarship to the programs as part of their grant award.
The cash award grant amount will be disbursed in two installments. Half of the net grant amount will be disbursed up to 30 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 30 days after the completion of the business’ participation in the eligible accelerator program.
Payment of funds are subject to Grantee’s compliance with the following conditions: