Since its inception more than 50 years ago, Suffolk Federal has made a commitment to invest in the local community to which its members belong to. With the COVID-19 crisis continuing to put a strain on the finances of nearby small businesses within Suffolk County, the credit union is administering monetary grants, through the Home Loan Bank of New York (FHLBNY), to eligible nonprofit organizations to help them get back on their feet.
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 Girl Scouts of Suffolk County is one of the recipients to receive a $10,000 grant secured by the credit union. The council is the largest youth-serving agency on Long Island, made up of more than 30,000 girls and 7,000 adult volunteers. The Girl Scouts’ mission is to help girls build courage, confidence and character to help make the world a better place.
“Suffolk Federal Credit Union is pleased that we were able to secure a $10,000 Small Business Recovery grant for the Girl Scouts,” said Michele Dean, President and CEO of Suffolk Federal Credit Union. “Knowing that these funds will continue to support critical programs for our young leaders of tomorrow is very rewarding. We will continue to work with our community to provide support and offer options or resources during these unprecedented times.”
Eligible applicants had an annual operating budget of less than $20 million. Other criteria include 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 Girl Scouts of Suffolk County 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 very grateful for this grant from our friends at Suffolk Federal,” says Pamela Mastrota, President & CEO for Girl Scouts of Suffolk County. “Their generous support during this unprecedented time of COVID-19 will help us to continue to serve our girls in new and innovative ways as we all adjust to the new normal together,” she explained.
Pictured left to right: Frank C. Trotta, Vice Chairman, Suffolk Federal; Edward J. Reilly, Treasurer, Suffolk Federal; Michele Dean, President & CEO, Suffolk Federal; Pamela Mastrota, President & CEO, Girl Scouts 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