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Princeton Small Business Resiliency Fund (PSBRF)

Grants to New Jersey Small Businesses in Eligible
Areas for Support During the Coronavirus Crisis

Agency Type:

Foundation / Corporation

Funding Source:

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Princeton Mercer Regional Chamber of Commerce Foundation and Union County Economic Development Committee (UCEDC)

Deadline Date:

07/31/20

Description:

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Grants of up to $5,000 to New Jersey small businesses in eligible locations for assistance during the Coronavirus (COVID-19) health crisis. Funding is intended to support local businesses that face financial hardship due to the pandemic. Eligible small businesses are storefront businesses open to the general public and located within the municipality of Princeton.

Grants may be used for immediate needs for the following expense categories: 

  • Supplies that support business activity adjustments during the COVID-19 response period, including cleaning and sanitation supplies
  • Telecom/internet connectivity, cashless payment systems, or website adaptations to facilitate business activity during the COVID-19 response period
  • Retrofitting or remodeling of retail space to better facilitate social distancing  of interior and exterior space
  • Up to a maximum of 50% of the total grant may be used for marketing, public relations, or other communications needs to address business activity adjustments during the COVID-19 response period
  • Expenditures by the business to provide emergency employee assistance with childcare expenses during the COVID-19 response period.

GrantWatch ID#:

GrantWatch ID#: 191343

Estimated Size of Grant:

Up to $5,000

Term of Contract:

Expenses incurred after March 1, 2020, are eligible for reimbursement.

Additional Eligibility Criteria:

To be eligible for a Small Business grant, a Small Business must meet all of the following criteria:
- Be located within the Municipality of Princeton.
- Be a storefront business open to the general public.
- Be a for-profit business.
- Be a legal entity registered with the State of New Jersey.
- Have less than $2 million in annual gross revenue/$5 million for restaurant operations.
- Have operated and conducted business within the Municipality of Princeton since September 1, 2019. The business should be open as of July 1, 2020 or actively in the process of planning to re-open consistent with limitations on operations due to NJ Executive Orders.
- A business or business owner that has more than one operating location in the municipality of Princeton may apply for one grant per grant cycle.
- Has no more than 25 full-time equivalent employees at the operating location.
- Independently owned franchisees who meet the above criteria are eligible
- The owner/applicant must have a credit score of 650 or above
- 2019 or 2018 company tax return must be provided which shows gross revenues do not exceed the maximum level.

Additional priority, which will be used only if the application demand exceeds the funding resources:
- Business owned by a Princeton resident (valid driver’s license, or utility bill as proof or residencies)
- Percentage of employees that are Princeton residents (please provide list of addresses only)
- Businesses owned by persons of color and/or women
- Businesses that will or have bought from local suppliers (*local suppliers is defined as a supplier with its primary business located in Mercer County, Plainsboro, Kingston or Montgomery)
- Businesses that employ disabled or special needs employees
- Non-franchise, locally owned and operated businesses

The following businesses are not eligible for the grant program:
- Commercial or residential real-estate businesses.
- Corporately owned chain businesses.
- Businesses that can conduct all or most of their business operations remotely.
- Independent consultants.
- Residential-based businesses.

Pre-Application Information:

Applications are due by July 31, 2020.

If applications received by the deadline exceed the available funding, qualified applicants will be ranked by the additional priority criteria. Any ties would be resolved through a random selection system. Qualified applicants not selected will be placed on a waiting list for the next grant cycle, should more grant funding become available. If applications received by the deadline do not exceed the available funding, the application process will be re-opened and new applications evaluated on a rolling basis until available funds are fully committed.​

The first round Grant Funds will be awarded and applicants will be notified on August 1, 2020.

Applications must be accompanied with either a receipt for expenditures already made and/or purchase order or invoice for anticipated expenditures.

Contact Information:

Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.

Apply online: https://ucedc.formstack.com/forms/princeton_pre_qual_application

Direct questions to Stephanie Adkins at the Bank of Princeton: sadkins@thebankofprinceton.com

URL for Full Text (RFP):

Geographic Focus:

USA: New Jersey: Municipality of Princeton

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