By Jamie Saxon, Office of Communications
The University’s initial $250,000 contribution and $100,000 challenge pledge to the Princeton Small Business Resiliency Fund helped raise more than $450,000 in grant funds; new round of applications to reopen November 1.
In April, Princeton University established the Princeton University Relief Fund (PURF), committing an initial $1 million commitment to provide direct support to community organizations in the greater Princeton area that are working to alleviate economic distress related to COVID-19, and small businesses in the Municipality of Princeton impacted by the pandemic.
To support small businesses, the University made an initial contribution of $250,000 to the Princeton Small Business Resiliency Fund (PSBRF) in June. This relief program, formally launched with the University’s contribution, was devised through the leadership of Mayor of Princeton Liz Lampert and Council Member Michelle Pirone Lambros in coordination with the Princeton Mercer Regional Chamber of Commerce Foundation.
In addition to the University’s initial contribution to PSBRF of $250,000, it provided a dollar-for-dollar match of up to the next $100,000 in additional contributions to the fund.
As of October 22, PSBRF surpassed its fundraising goal to match the University’s challenge pledge, for a total of more than $450,000.
After the first round of grants were distributed in September — which provided $5,000 grants to 70 local businesses — there is approximately $100,000 remaining to distribute. In the second round of funding, the criteria for eligibility has been changed to invite a broader selection of Princeton businesses to apply. PSBRF’s grant process will reopen for a rolling application process starting November 1. The complete list of eligibility requirements and information on how to apply are available online.