BNB Bank Participates in the Federal Home Loan Bank of New York (FHLBNY) Small Business Recovery Grant Program
June 16 2020 - 4:52PM
BNB Bank (“BNB”), the subsidiary of Bridge Bancorp, Inc. (the
“Company”) (NASDAQ®: BDGE) distributed the first $50,000 in Federal
Home Loan Bank of New York (“FHLBNY”) Small Business Recovery
Grants to local non-profits.
The recovery program will widely distribute $5
million in grants to provide working capital to affected businesses
in New York. Under this program, BNB will make a total of $100,000
in grants to non-profits that were adversely impacted by the novel
coronavirus pandemic on Long Island and New York City. BNB will
award grants of up to $10,000 to each of the qualifying
organizations that have seen significant revenue losses during this
time.
“The Covid-19 crisis has hit local businesses
hard and we’ve been doing whatever it takes to help see them
through. We proudly funded approximately 4,000 SBA Paycheck
Protection Loans and are happy to step up with this additional help
for non-profits through FHLBNY’s grant program,” stated Kevin
O’Connor, President and CEO. “Each of these organizations have
experienced at least a 25% drop in revenue and these funds will
help them provide vital services to assist in the recovery
process,” continued O’Connor.
The Bank is focusing its support on non-profits
that are helping small businesses during the pandemic,
organizations providing emergency food, health and job services and
those groups providing educational services to young people. The
Bank will distribute an additional $50,000 over the next two weeks.
The first $50,000 was distributed to:
- Urban League of Long Island: A $7,500 grant to help support a
youth summer camp for the economically disadvantaged.
- Junior Achievement of Long Island: A $10,000 grant for digital
financial education in Long Island schools that are mostly in
low-moderate income areas.
- Evergreen: A $7,500 grant to support small businesses in North
Brooklyn.
- St. Nick’s Alliance: A $7,500 grant for workforce
development/job training programs in Brooklyn.
- La Fuerza Unida CDC: A $7,500 grant to support small businesses
on Long Island.
- Timothy Hill Children’s Ranch: A $10,000 grant to for
supportive services to young people in Suffolk County
About BNB
Bank.BNB Bank established in 1910, has assets of
$6.1 billion and operates 39 branch locations serving Long Island
and the greater New York metropolitan area. Through its branch
network and its electronic delivery channels, BNB provides deposit
and loan products and financial services to local businesses,
consumers and municipalities. Title insurance services are offered
through BNB's wholly owned subsidiary, Bridge Abstract. Bridge
Financial Services, Inc. offers financial planning and investment
consultation. BNB has a rich tradition of involvement in the
community, supporting programs and initiatives that promote local
business, the environment, education, healthcare, social services
and the arts. For more information visit www.bnbbank.com.
Contact: Julie
Levy Chief Marketing
Officer(631) 537-1000, ext. 7211
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