Disbursement of Funds

In each category the amount is $20,000. Winners will be announced the day of the final presentations or shortly thereafter. The awards are disbursed in two payments of $10,000 spread apart over six months.

The first payment of $10,000 will be issued once the following documents are received:

  1. Articles of Organization (for your business registration)
  2. Operating Agreement (If you have one)
  3. Proof of Queens residency or Queens-based entrepreneurship as evidenced by a:
    1. NYS Driver’s License or NYC ID card
    2. Diploma or proof enrollment from one of the institutions as stated in the rules
    3. Copy of current license agreement and letter of good standing from the Entrepreneur Space Incubator
    4. Copy lease (in the case of a food-based business)
  4. A description of the use of the $10,000 (items/services purchased) and its timeline (a specific six-month timeline of items/services purchase required). 
  5. A signed W-9 with an EIN number as the IRS is notified of your receiving these funds, and as such are taxable.
  6. Signed letter acknowledging you have read the rules, the disbursement of funds process and you agree to be used for QEDC promotional purposes that further our programs and expand of the local economy.

The second payment of $10,000 will be available no sooner than six months after the first issuance  of the first payment.  The following documents will be required:

  1. Details of item #4 above: What was spent (include receipts) and what was planned but not achieved (if any). Include a report detailing how your business is progressing. This can include, but not limited to:
    • Growth/traction: this can be monetary or nonmonetary (sales, subscriptions, interests, etc)
    • Partnerships
    • Funding 
    • Hiring
    • Product development
    • Help needed: introductions, mentors, etc.
  2. Copies of any press you have received.
  3. Documentation on how the second $10,000 will be used to further the local Queens economy as evidenced by:
    1. Lease of office/event space in Queens. 
    2. Purchase of services or supplies in Queens.
    3. Compensation of staff/consultants (other than the principal) who are Queens residents.
  4. Signed letter agreeing to be surveyed annually for three years by the QEDC to obtain data on capital infusion received, job creation and revenue.
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