Provident Bank has distributed $50,000 in grants to five nonprofit organizations through the Federal Home Loan Bank of New York (FHLBNY) Small Business Recovery Grant (SBRG) Program. Each organization received $10,000 as part of an initiative designed to support small businesses and nonprofits that have experienced financial challenges related to factors such as inflation, supply chain issues, rising energy costs, and interest rate changes.
The SBRG Program enables FHLBNY members to offer grants of up to $10,000 to eligible small businesses and nonprofits. The program is intended to help these organizations maintain operations and continue providing services in their communities.
Leonardo Ramos, first vice president and CRA officer at Provident Bank, stated: “Our continued partnership with the Federal Home Loan Bank of New York allows us to extend meaningful support to organizations that are doing critical work in our communities. These additional grants help strengthen local non-profits and ensure they can continue delivering essential programs and services to those who need them most.”
Provident Bank emphasized its ongoing commitment as a member of FHLBNY by investing in the economic health of local neighborhoods. The bank aims to ensure that both small businesses and nonprofits have access to necessary resources for continued success.
