Spencer Savings Bank Distributes $50,000 in FHLBNY Grants to Small Businesses and Non-Profits

Elmwood Park, NJ, August 07, 2021 --(PR.com)-- Spencer Savings Bank is proud to announce that it has distributed an additional $50,000 in grant funding, provided by the Federal Home Loan Bank of New York’s Small Business Recovery Grant Program, to small businesses and nonprofit organizations. The program supports the financial security and health of workers employed by organizations that have suffered a decrease in revenue as a result of the ongoing COVID-19 crisis.

“We are extremely proud to participate in this program to provide support to small businesses and non-profit organizations in our community,” stated Jose B. Guerrero, Spencer’s Chairman and Chief Executive Officer. “Small businesses are the backbone of our economy. As a community bank we will continue to support our small business community as they recover from the devastating impact that COVID-19 has had on their revenue.”

On March 4, 2021, the FHLBNY made an additional $2 million in Small Business Recovery Grant (SBRG) Program funding available to members. The grant dollars went quickly, reflecting both the continued need for support and the partnership strength with their members. This most recent round follows the $8 million in SBRG Program funding made available through their COVID-19 Relief Program last year.

Since the start of the COVID-19 pandemic, Spencer has been fully committed to supporting its customers and community through this difficult time. Last year, the bank distributed $400,000 to a variety of community members affected by the pandemic. A bank donation of $200,000 was made to local hospitals and nonprofits and an additional $200,000 in grants, in conjunction with the Federal Home Loan Bank of NY, was distributed to nonprofits and small businesses.

About The FHLBNY Small Business Recovery Grant Program:
The Federal Home Loan Bank of New York’s (FHLBNY) Small Business Recovery Grant (SBRG) Program was developed in response to the 2017 hurricanes in Puerto Rico and the U.S. Virgin Islands. In 2020, the SBRG program was relaunched in response to the Coronavirus pandemic to help alleviate the challenges small businesses faced across our District. The program provides flexible funds to benefit small-business and non-profit customers in FHLBNY members’ communities. It supports the financial security of qualifying organizations that have suffered decreased revenue following a disaster by partnering with members to provide grants. Visit Fhlbny.com for more information.

About Spencer Savings Bank:
Spencer Savings Bank, a leading New Jersey-based community bank, has been serving its local communities with integrity and pride for more than 100 years. The bank has over $3 billion in total assets and operates 20 financial centers throughout New Jersey. Spencer specializes in delivering premier banking products and services for consumers and businesses. Visit SpencerSavings.com for more information.

For more information, contact:
Anita Guerrero (SSB): 201-703-3800 x 8421
VP, Corporate Communications Director
Spencer Savings Bank
Anita Guerrero
201-703-3800 x. 8421