You are currently viewing Texas businesses create new job opportunities in underserved communities with $100,000 grant from Founders First CDC

Texas businesses create new job opportunities in underserved communities with $100,000 grant from Founders First CDC

PR Newswire

DALLAS, September 8, 2022

Founders First CDC provides grants to 30 minority businesses statewide to create and promote higher-paying employment opportunities, positively impacting the local economy

DALLAS, September 8, 2022 /PRNewswire/ — Founders First CDC, a national 501(c)(3) nonprofit organization that enables the expansion of diverse, founder-led, revenue-generating businesses, has announced the finalists for its second annual scholarship. Job Creators Quest today at a virtual press conference. More than 2,500 Texas businesses applied for the grants and 30 finalists were selected, with minority and underrepresented business owners receiving $100,000, collectively in cash and full scholarships for a business acceleration program. Founders First CDC companies. Grant finalists were selected from across the state, including Austin, Dallas-Fort Worth, Houston and San Antonio, serving a variety of industries – from construction and manufacturing to STEM and healthcare, hospitality, and more.

To be eligible for the Job Creators Quest grant, the business founder must be a person of color, Indigenous, LGBTQIA+, military veteran, female, or located in a low-to-moderate income area and be a purpose-driven business. lucrative with annual revenues between $100,000 at $3 million. Grant finalists will use the funds to help create and add 1-2 new net paying jobs over the next 12 months.

“As we emerge from the pandemic, small businesses continue to face challenges due to COVID-19 and the resulting economic challenges, including inflation,” said Shaylon Scott, Executive Director, Founders First CDC. “As the backbone of our economy, it is essential that these business owners receive the assistance they need to maintain and maintain their businesses. We are honored to offer additional funding to contribute to their growth and the overall health of the communities they serve.

The scholarship finalists are:

“Connecting minority businesses to the right entities to ensure success, drive economic growth and development is at the heart of our philosophy,” said Margo Posey, CEO and Chairman of the DFW Minority Supplier Development Council (MSDC). “Founders First CDC aligns perfectly with our mission, and we are excited about the opportunities the Job Creators Quest grant will provide for these grantees.”

The Job Creators Quest grant is designed to help business owners create high-quality, high-paying jobs and reward businesses run by diverse businesses across the state of Texas to retain and grow their workforce during the pandemic. This will help to positively impact the local economy, create job opportunities with higher wages, and provide the human capital necessary for business growth and expansion. Launched in early 2021, Founders First has rewarded more than $423,000 to minority and underrepresented business owners United States in Chicago, Southern California, Philadelphia, New Jersey and Texas.

“The road back is long for local small businesses hard hit by the pandemic. To recover, grow and thrive, access to capital is essential,” said Michael ThomasExecutive Director and Head of Philanthropy for JPMorgan Chase in Texas. “Chase is honored to be part of this collaboration with Founders First CDC. Together, we will support these entrepreneurs and their mission to scale. Their success is critical to the prosperity of underserved communities.”

“Diverse entrepreneurs are essential to the success of their communities, providing accessible goods and services and creating jobs. Yet they often struggle with limited access to networks and the funding needed to stay afloat,” said Patrice R. Green, Acting Director of Inclusive Economies, Surdna Foundation. “Founders First CDC provides a lifeline that will help cultivate a fair and equitable economy in which all communities can thrive.”

Funding for this program was facilitated by a $1 million grant from the Rockefeller Foundation, in conjunction with the recent Founders First CDC Capital Partners program $9 million Series A funding accelerator to support underrepresented entrepreneurs in underserved communities. Other partners include ADP, Black Enterprise Magazine, JP Morgan Chase, The Kauffman Foundation, African American Chamber of San Antonio, Bank OZK, BCL of TexasDallas BUILD Network, Divinc, Dallas Fort Worth MSDC, Fort Worth Hispanic Chamber of Commerce, Sesh Coworking, Impact Ventures, ICIC, Houston Hispanic Network, Lift Fund, PeopleFund, Margin Institute, Mogul Millennial, Surdna Foundation, The Common Desk, The DEC, The Mass Challenge, INNW, Veteran Women’s Enterprise Center, Women’s Business Council and Wisdom Consulting.

In addition to announcing the finalists for the Job Creators Quest grant, Founders First CDC also announced a national grant opportunity, the Stephen L. Tadlock Fund, a grant for veteran-owned businesses. Named in honor of the CEO’s brother who died in June 2019 and was a U.S. Navy veteran and a prominent small business investor and supporter, the fund will make its first investments in 25 veterans who run employer-based small businesses. The application deadline is October 18and the finalists will be announced by this Veterans Day, Friday, November 11, 2022.

About Founders First CDC

Founders First CDC is a 501c3 non-profit that was founded in 2015 and has received significant support from regional community reinvestment banks to empower various founder-led, income-generating small businesses through three main programs: (1) Founders Challenge; (2) Founders Bootcamp; and (3) FastPath Founders. By creating recurring revenue, technology enablement, and a focus on essential solutions, Founders First serves as a catalyst for positive change for entrepreneurs of color and women founders to become leading employers in their communities.

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