Job Creation and Retention Program
The Job Creation and Retention Program (“JCRP”) provides discretionary grants to eligible companies committing to create a minimum of 75 new jobs in Lower Manhattan, as well as to employers making a commitment to retain at least 200 Lower Manhattan jobs. Companies have until the end of 2015 to request a JCRP Grant Offer.
Who Should Apply?
Companies that project creating at least 75 full-time permanent jobs in Lower Manhattan (south of Canal Street) that are also new to NYC.
- The minimum job creation must be achieved within 4 years with half of the jobs created within two years.
- The company has not yet made a commitment to locate the new jobs in Lower Manhattan.
- The company's new jobs will be maintained in Lower Manhattan for at least 10 years. Failure to do so during the commitment term will subject the company to a recapture of grant funds.
- Only companies that have not yet made a long-term commitment where to locate its New York City workforce will receive an offer of JCRP grant assistance.
- Companies will be requested to provide compelling information to support their job projections.
- Grantees are required to achieve a two-year job creation milestone to remain eligible to receive grant funds based on four-year growth projections.
- Companies are required to provide annual employment reports to ESDC for the duration of grant term.
Note: As a discretionary program, eligibility does not guarantee that an incentive offer will be extended.
Grant Approval Process
Job Creation and Retention Program process overview:
- Interested companies fill out the Basic Information Questionnaire.
- Upon review of the Questionnaire, ESDC and EDC conduct an initial consultation with the company to determine eligibility.
- Eligible companies submit project information to ESDC and EDC for review.
- An incentive grant offer with terms and conditions is issued upon approval.
- Companies accepting grant offers may apply to ESDC for a disbursement of grant funds after achieving the incentive grant offer’s terms and conditions.
- Approved companies enter into a binding grant agreement with ESDC and receive grant funds (funds may be applied against wages, health benefits, rent, movable equipment and furniture).