BRIDGEPORT, Conn., Dec. 21, 2020 /PRNewswire/ -- The People's United
Community Foundation (PUCF) and People's United Community
Foundation of Eastern
Massachusetts (PUCF of Eastern MA), the philanthropic arms
of People's United Bank, N.A. (NASDAQ: PBCT), announced that it has
awarded more than $3.95 million to
over 600 non-profit organizations in 2020.
COVID-19 has had a significant impact on local communities,
particularly among underserved populations that have been
disproportionately impacted. The Foundations' grants were focused
on supporting nonprofit partners in COVID-19 relief and recovery
efforts including expediting grants, providing additional funding
support, and investing in COVID-19 Relief Funds. In addition, grant
application deadlines were extended, grants were converted to
general operating support, and reporting requirements were eased to
reduce the burden on nonprofits.
"We realized early on how important it was to adapt and be
flexible to help nonprofits respond to the needs and challenges
brought on by the pandemic," said Karen
Galbo, Executive Director of PUCF and PUCF of Eastern MA.
"This work took extraordinary dedication, creative approaches, and
an incredible amount of time and compassion. We thank all our
community partners for their perseverance and resiliency in
navigating this year's unique challenges."
Foundation grants helped to address an increase in demand for
food assistance, allowed nonprofits to pivot to virtual programming
and the continuation of vital support services, and provided aid to
families experiencing financial hardship. In addition, funding
supported unbudgeted expenses such as PPE, sanitization supplies,
and the implementation of new technology and investments in
infrastructure.
Funding was distributed in alignment with the Foundations'
primary focus areas. Fifty-five percent was allocated to community
and economic development, 29% to youth development, and 16% to
affordable housing initiatives through PUCF. In addition, 39% was
allocated to social, health, and youth services, 29% to education,
20% to low and moderate income, 11% to affordable housing, and 1%
to arts and culture through PUCF of Eastern MA.
For a list of PUCF and PUCF of Eastern MA grants recipients,
please visit www.peoples.com/foundations.
About People's United Community Foundation and People's
United Community Foundation of Eastern MA:
People's United
Community Foundation and People's United Community Foundation of
Eastern Massachusetts, operating
independently from People's United Bank, provide grants for
programs and services that improve the quality of life for
residents in the neighborhoods served by People's United Bank.
People's United Bank, N.A. is a subsidiary of People's United
Financial, Inc., a diversified, community-focused financial
services company headquartered in the Northeast with approximately
$61 billion in assets. Founded in
1842, People's United Bank offers commercial and retail banking
through a network of more than 400 retail locations in Connecticut, New
York, Massachusetts,
Vermont, New Hampshire and Maine, as well as wealth management solutions.
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SOURCE People's United Bank