Emigrant Bank Provides 2024 Grants for New York Area Small Businesses

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Sep 30, 2024, 09:58 ET

NEW YORK, Sept. 30, 2024 /PRNewswire/ -- Emigrant Bank is pleased to announce its 2024 distribution of small business grants to local businesses in the New York metropolitan area through the Federal Home Loan Bank of New York's (FHLBNY) Small Business Recovery Grant Program (SBRG).

This year's recipients of Emigrant Bank's FHLBNY grants are small, local businesses located in Brooklyn, Queens and the Bronx, along with a Brooklyn-based nonprofit food pantry. Each business is located in a low-to-moderate income neighborhood.

Each $10,000 grant is designed to help businesses facing economic distress due to rising interest rates, inflation, supply-chain constraints, rising energy costs, and other factors.

The Small Business Recovery Grant Program (SBRG) is a program that aims to provide financial assistance to small businesses that have faced economic challenges. FHLBNY assesses the eligibility of these businesses through a designated application process, where they are required to satisfy specified criteria.

Emigrant Funding Corporation (EFC), a subsidiary of Emigrant Bank, applied for these grants on behalf of its customers and was honored to be able to distribute these grants for the second consecutive year. EFC was once again allotted the maximum grant amount of $50,000 to distribute to recipients.

EFC is a specialized small-balance commercial lender operating in the New York City metropolitan area and in Florida.

"Supporting small business is the foundation of community banking, and we at Emigrant Bank are so glad that we can support our customers through this program," said Emigrant Funding Corporation President Peter Hollnsteiner. "In challenging economic times, small businesses are the engine that fuels local economies. We're honored to play our part."

About Emigrant Bank

Emigrant Bank is the largest family-owned and operated private bank in the nation. Emigrant was founded in 1850 by members of the Irish Emigrant Society to support the financial needs of a growing immigrant community. Emigrant continues that tradition today, serving new generations who come to the United States to seek a better way of life for themselves and their families. Through its subsidiaries, Emigrant Mortgage Company and Emigrant Funding Corporation, Emigrant provides lending in many communities that have been traditionally underserved by larger institutions.

Emigrant Bank and its owner, the Milstein family, have a long history of giving back to their local communities. In 2005, Emigrant Bank made a total of $1 million in donations directly to its customers in areas impacted by Hurricane Katrina, and in 2012, donated $2.3 million to first responders who were impacted by Superstorm Sandy. And earlier this year, the bank deposited $2,000 in the bank accounts of each Emigrant customer who suffered damage as a result of the devastating fires in Maui in August 2023.

In addition, Emigrant funds a host of local charitable initiatives, from merit scholarships for local students to immigrant guides that are distributed to various religious and ethnic groups, as well as financial literacy programs in the local communities that it serves.

SOURCE Emigrant Bank