Honoring its pledge to invest in the local community, Suffolk Federal has come to the aid of nonprofit organizations as the coronavirus pandemic continues to ravage the area’s economy. The financial institution recently administered a small business relief grant from the Home Loan Bank of New York (FHLBNY), created to support the financial security and health of workers who are employed by organizations that have been severely impacted by the COVID-19 crisis.
Through the Small Business Recovery Grant (SBRG) Program, Suffolk Federal is able to continue its support of Main Street businesses, the backbone of Suffolk County. Following an application process, The Gateway Performing Arts Center of Suffolk County (“The Gateway Playhouse”) is one of the recipients to receive a $10,000 grant secured by the credit union. Since its inception in 1950, The Gateway Playhouse, located in Bellport, has become an iconic and treasured hub for the region’s best in theatrical performances.
We are thrilled to be able to present the Gateway Playhouse with a Small Business Relief Grant for $10,000,” said Michele Dean, President and CEO of Suffolk Federal Credit Union. “Securing this grant, through our partnership with the FHLB of NY, will assist our local member businesses and not-for-profits during these unprecedented times. The Gateway Playhouse is local artistic icon, which provides world-class shows and entertainment to the Long Island community. Suffolk Federal Credit Union is pleased to be able to do our part to help our membership and community partners.”
Eligible applicants had an annual operating budget of less than $20 million. Other criteria included a documented 25% decrease in revenue since the onset of the pandemic, measured over a period of two consecutive months following March 1, 2020 or the same two-month period the year prior. Businesses receiving the grant must also either be currently operational, still supporting employees while temporarily closed for business or requiring the grant funds in order to resume operations again.
Funds granted to The Playhouse may be used for personnel costs, payment on new or existing debt as well working capital for items including rent, inventory, utilities, and legal and financial services. The donation may also be used for updated safety equipment procedures and protocols in order to comply with public health measures to slow the spread of COVID-19 including socially-distanced and remote work environments.
“We are going through such a difficult and unpredictable time. At one point we thought we could delay our season by a month, but now we have had to push our entire Broadway series to May 2021,” explained Paul Allen, Executive Artistic Director of The Gateway Performing Arts Center of Suffolk County. “With our main source of revenue completely gone, this generous grant from Suffolk Federal will help keep us going until we are able to resume normal operations,” he continued.
Photo left to right: Frank C. Trotta, Vice Chairman, Suffolk Federal; Edward J. Reilly, Treasurer, Suffolk Federal; Michele Dean, President & CEO, Suffolk Federal; Paul Allen, Executive Artistic Director, The Gateway Performing Arts Center of Suffolk County; Sarah McCandless, Executive Vice President & CFO, Suffolk Federal and Board Member of Girl Scouts of Suffolk County; Phil F.T. Bauccio, Secretary, Suffolk Federal; and James J. Maggio, Jr., Chairman, Suffolk Federal