Iselin-based Provident Bank on Thursday announced the allocation of a total of $50,000 in grants to six nonprofit organizations. The funding is provided through the Federal Home Loan Bank of New York’s (FHLBNY) Small Business Recovery Grant (SBRG) Program, marking the second consecutive year the bank has distributed this level of support to non-profits through the initiative.
The news today comes on the heels of the financial institution awarding a total of $63,000 in grants to eight New Jersey nonprofit organizations through its Community Partnership Program.
The SBRG program is designed to provide financial resources to small businesses, farms, and nonprofit organizations that have encountered economic hardships due to factors like inflation, rising energy costs and supply-chain constraints. Through this program, FHLBNY members, including Provident Bank, can award grants of up to $10,000 to qualifying organizations.
“We deeply value our ongoing collaboration with the Federal Home Loan Bank of New York through the Small Business Recovery Grant Program,” Leonardo Ramos, first vice president, CRA officer said. “These funds provide a vital lifeline, enabling local organizations to continue serving their communities and providing essential services.”
As an active member of the FHLBNY, Provident Bank underscores its commitment to the economic health of its local communities by ensuring non-profits and small businesses have the necessary resources to thrive.
The six nonprofit organizations that received grants through the FHLBNY SBRG program are:
- Focus Hispanic Center for Community Development
- Neighborhood Housing Services of Queens CDC
- New Brunswick Tomorrow
- Yonkers Partners In Education – Jersey City
- Big Brothers Big Sisters of Coastal & Northern NJ
- Team Walker
