Suffolk Federal Credit Union proudly partnered with the Federal Home Loan Bank of NY (FHLBNY) to secure grants from the Covid-19 Small Business Recovery Grant Program (SBRG). This program provides grants to organizations that have suffered a decrease in revenue as a result of the Covid-19 pandemic.
Suffolk Federal supported several business and non-profit members by working with them to submit applications on their behalf. Grant recipients included the Butterfly Effect Project, Dory’s Day Care, Horseblock Heroes, Jacie’s Kids, Jarrod Michael Studio, Mondays at Racine, Scope Educational Services, Smithtown Strength and Conditioning and WJL3. Final decisions on the grant allocations were determined solely by the FHLBNY.
“Our branch managers took great initiative to assist our members with processing these applications as the applications could only be submitted by a FHLBNY member, for which Suffolk Federal has long been,” said Michele Dean, CEO and President of Suffolk Federal. “Even more importantly”, she continued, “our team was thrilled to show compassion and support for such deserving organizations.”
Suffolk Federal also provided their own special relief loans as well as modifications and forbearance agreements for many of their members in an effort to stem the financial challenges brought on by the pandemic.
“Throughout the pandemic, Federal Home Loan Bank of New York members have continued to step up and answer the call from customers and communities that are facing down a crisis,” said José R. González, president and CEO of the FHLBNY. “We have been honored to work alongside Suffolk Federal Credit Union and so many of our members to support these efforts through our Small Business Recovery Grant Program, which has enabled our cooperative to assist more than 1,500 small businesses and nonprofit organizations with $11.5 million grant funding. Our members are truly a vital and committed part of every community across our District, and essential to our region’s recovery.”
Thomas Settino, VP Member Relations FHLBNY presenting check to Michele Dean, President and CEO Suffolk Federal Credit Union for grant disbursement to local business owners.
About Suffolk Federal Credit Union
Suffolk Federal is a not-for-profit cooperative financial institution owned and operated by its members. It was chartered in 1967 by the National Credit Union Administration (NCUA). The volunteer-directed credit union has assets in excess of $1.4 billion, 10 branches and over 62,000 members. Membership is open to anyone who lives, works, worships, attends school or regularly conducts business in Nassau and Suffolk counties as well as immediate family members of current membership. To learn more, visit www.suffolkfcu.org, call 631-924-8000.
About Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of March 31, 2021, the FHLBNY serves 322 financial institutions in New Jersey, New York, Puerto Rico, and the US Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America’s homebuyers.