Popular Bank Issues Small Business Recovery Grants
Grant Program Provides Relief to Non-profit Organizations and Small Businesses in New York and New Jersey Significantly Impacted by COVID-19
We are proud to stand behind our customers and communities during this challenging time. In partnership with the Federal Home Loan Bank of New York (FHLBNY), Popular Bank has issued a total of $100,000 to 14 non-profit organizations and small businesses through the Small Business Recovery Grants Program (SBRG). SBRG serves to provide relief to organizations in New York and New Jersey that have been significantly impacted by COVID-19. Notably, the grants range in size between $2,000-$10,000 each.
“We share FHLBNY’s mission to support our small business and non-profit customers who have been deeply affected by the COVID-19 health crisis,” said Popular Bank Chief Operating Officer Manuel Chinea. “Since Popular’s founding more than 125 years ago, we remain dedicated to our customers and our communities. We will continue to work with meaningful programs such as the Small Business Recovery Grant program and the SBA Paycheck Protection Program to support those who are the most vulnerable during this challenging time.”
About the Small Business Recovery Program
As a member of the FHLBNY, Popular Bank has leveraged SBRG to support customers facing significant challenges amid COVID-19. The program aims to assist organizations that have suffered financial losses of 25% or more. Similarly, they may be at risk of being unable to meet their obligations to their employees due to loss of revenue or unanticipated and extraordinary expenses. Oftentimes these organizations are also those least likely to have access to other sources of emergency funds during this time.
As part of the FHLBNY’s efforts to provide support to our local communities, SBRG will provide a total of $5 million to impacted organizations across New York and New Jersey. Eligible recipients will qualify to receive up to $10,000 each. Grant funds may be used for expenses incurred or to be incurred as a direct result of COVID-19. This includes personnel costs, equipment to comply with public health measures designed to slow the spread of COVID-19, working capital, as defined in the Program Guidelines and payments on existing or new debt so the organization can support its employees and/or continued operations.
Grant recipients must qualify as a small business, based on Small Business Association guidelines for annual receipts or number of employees. Additionally, Non-profit organizations are required to have an annual operating budget of less than $20 million. Eligibility will be determined by the member and demonstrated by audited financials or tax returns.
According to the FHLBNY, the program will be available until the funds are exhausted or December 31, 2020, unless otherwise modified.
Please join us in congratulating our Small Business Recovery Grant recipients.
- Aspira Inc., New Jersey
- Save Latin America Inc.
- Statewide Hispanic Chamber of Commerce of New Jersey
- Saint Illuminator’s Armenian Apostolic Church in New York City
- Bronx Overall Economic Development
- Church of Promise in Christ Inc.
- Salem Missionary Church
- 2850 Broadway Restaurant Associates LLC
- Sprout, Inc.
- Northern Manhattan Arts Alliance
- Supportive Housing Network of New York
- I Have A Dream Foundation of New York
- Hope Community
- El Barrio’s Operation Fightback Inc.