Grant Structure
Grants of up to $5,000 per business will be available to meet 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.

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

Express how this grant will help your business overcome the impact of Covid-19 to your business. (250 words or less).

Grants are dependent on program guidelines and the availability of funding. Funds received through this program are not required to be repaid. Expenses meeting the above criteria and incurred after March 1, 2020 will be eligible for reimbursement by approved grants.

Eligibility
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 November 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 above criteria are eligible

 

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 its business operations remotely.

  • Independent consultants.

  • Residential-based businesses.

Additional Priorities Used to Rank

Applicants

** This criteria will ONLY be used 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  

Application Process

The Union County Economic Development Corporation is our Community Development Financial Institution Partner.  

UCEDC Transparent Hi-Res Final.png

Applications will be accepted on a rolling basis, beginning Nov.1, 2020.  All applicants will be considered for the Grant funding based on the above Eligibility Criteria.

 

Applications will be screened by the UCEDC by their financial criteria first.  The credit score and annual gross revenue information will be held confidentially with the UCEDC.  The Grant Review Committee will not have access to the financial information or to the credit scores of Applicants.

The grant application will not ask about immigration or documentation status, and immigration or documentation status will have no impact on eligibility.  

Once applicants pass the first screening by UCEDC, the Grant Review committee will review the applicants based on the Eligibility Criteria.  The Additional Criteria (tie breaker criteria) will only be reviewed if the applicant pool exceeds the total funds available.

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 a rolling basis. 

If you have questions regarding the application or need help with applying Stephanie Adkins at the Bank of Princeton is available to assist.   Email Stephanie

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