Manasquan Bank to Distribute $200,000 in Small Business Recovery Grants from Federal Home Loan Bank of New York (FHLBNY)
WALL TOWNSHIP, NJ ( July 14, 2020 ) – Manasquan Bank announced today that it has secured funds provided by the Federal Home Loan Bank of New York (FHLBNY) Small Business Recovery Grant (SBRG) Program. Through the program, the Bank has the authority to distribute individual grants of $10,000.00 to twenty local organizations who meet the program qualifications. The funds are intended to support those negatively impacted by the ongoing economic crisis caused by the COVID-19 pandemic.
“The COVID-19 pandemic has significantly impacted our local communities and we remain committed to assist those in need to help mitigate the economic damage,” stated Catherine D. Franzoni, EVP, and Chief Operating Officer. “We are proud to facilitate the distribution of these available grant funds that will provide vital services to assist in the recovery process,” continued Franzoni.
The COVID-19 Small Business Recovery Grant (SBRG) Program, funded by the Federal Home Loan Bank of New York (FHLBNY), will provide a total of $5 million in flexible funds to benefit, FHLBNY members’ small business and non-profit clients. The program is available from May 11, 2020 through December 31, 2020 or until the funds are exhausted.
For additional information about the SBRG Program, please visit: https://www.fhlbny.com/wp-content/uploads/2020/05/SBRG-Overview-2020.pdf.
