The grant, in the Morristown-based foundation’s “Community Enrichment” funding priority area, will help the Urban Social Impact Incubator of the Ignite Institute at the Jersey City college.
The institute was chosen for its work to boost career advancement opportunities for students through the incubator, while bolstering Jersey City’s small business, nonprofit and social enterprise community, according to a news release on the grant.
“The Ignite Institute at Saint Peter’s University is extremely grateful to the Provident Bank Foundation for this significant investment in its Urban Social Impact Incubator,” Saint Peter’s President Eugene J. Cornacchia said in a prepared statement. “Entrepreneurs create new wealth, jobs and social change. As the nature of work continues to shift, this incubator will generate an economic impact for our community and our students.”
The incubator’s programming begins in September, as students partner with community businesses to gain work experience and mentorship opportunities in a variety of roles, all while helping the local organizations.
“Community enrichment is very important to the foundation, and we look forward to supporting the Ignite Institute on its mission to positively contribute to the growth of the local economy,” Jane Kurek, the foundation’s executive director, said in a statement. “Preparing students for future jobs in an ever-evolving and highly automated work environment is critical for the growth of our community.”