Through its membership of the Federal Home Loan Bank (FHLB) of New York, Columbia Bank has sponsored 10 local organizations to receive $100,000 in support grants. The Federal Home Loan Bank of New York recently offered the Small Business Recovery Grant Program, a program that provides grants to businesses affected by the pandemic.
As a participant, Columbia Bank worked alongside organizations to compile necessary documentation and to submit an application on their behalf. Through this initiative, the bank chose to focus on non-profit organizations and businesses who serve low to moderate income neighborhoods.
“As a community bank, we always work hand in hand with local businesses and organizations,” said Thomas J. Kemly, President and CEO of Columbia Bank. “We are proud to have proactively leveraged our partnership with the Federal Home Loan Bank to provide additional support to those in need.”
Non-Profit organizations who received support include Family Promise of Southwest New Jersey, Greater Newark Conservancy, Inc., Leadership Newark Inc., Valley Arts Inc., St. Luke Community Development Center Inc. While local small businesses included Black Magnet Enterpises Inc., S&A Auto Repair LLC, RyArMo Photography Studio LLC, Berkel Training Institute, Inc and Brick City Bricks 4 Kidz. The grants will fund PPE Equipment costs, working capital, nutrition programs and the rehiring of furloughed employees.
