Press Release-Resiliency Fund Established to Support Princeton's Small Businesses
FOR IMMEDIATE RELEASE
FRIDAY JUNE 26, 2020
Resiliency Fund Established to Support Princeton’s Small Businesses
Princeton’s small businesses are due to get some relief with financial assistance from the Princeton Small Business Resiliency Fund. The fund,created with $250,000 in seed money from Princeton University with up to an additional $100,000 in matching funding, will provide emergency assistance in the form of grants for independently owned small businesses located in the municipality of Princeton in response to the COVID-19 outbreak. In addition, it is designed to provide assistance for businesses seeking to adapt, survive and thrive in the changing business environment.
“On behalf of all of my colleagues on the Council, we are thrilled to see the creation of a grant program that will support Princeton’s independently owned retail and service businesses impacted by COVID-19.” stated Mayor Liz Lempert.
“The grants will provide dollars to cover a portion of expenses associated with re-opening and adjusting to the requirements to conduct business in the new environment”, stated Councilwoman Michelle Pirone Lambros, who together with Mayor Lempert helped to bring the parties together to establish the fund.
A committee of Chamber Foundation members and community leaders will facilitate the grant application process. The foundation has engaged Union County Economic Development Corporation (UCEDC) to assist the committee in the evaluation and review of grant applications.
“We would like to thank the Princeton Mercer Regional Chamber of Commerce and the Chamber Foundation for their help and support in getting this program created,” continued Pirone Lambros. “This would not have come together without them.
“We are extremely grateful for the sizeable donation committed by Princeton University and the recognition that we are all in this together,” stated Mayor Lempert, ”We hope their generosity and matching challenge will incentivize others to step forward to help our businesses get through this crisis.”
Retail storefront and restaurants located within the Municipality may be eligible to apply for grants of up to $5000. If the program is oversubscribed, preference will be given to women and minority-owned businesses. Preference will also be given to businesses that intend to use their grant money to purchase goods and services from other local providers.
Applications will open on July1, 2020.
Information on how to make a donation to the fund and how to apply is available online at princetonresiliencyfund.org.