EMIGRANT BANK PROVIDES GRANTS FOR SMALL BUSINESSES IN NEW JERSEY

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Dec 20, 2023, 13:24 ET

NEW YORK, Dec. 20, 2023 /PRNewswire/ -- Emigrant Bank is pleased to announce that it has distributed small business grants to ten local businesses in Bergen, Morris, Hudson, Passaic, Essex and Ocean Counties, under the Federal Home Loan Bank of New York's (FHLBNY) 2023 Small Business Recovery Grant Program (SBRG).

Each $5,000 grant is designed to help businesses that are facing economic distress due to rising interest rates, inflation, supply-chain constraints, and rising energy costs.

The 2023 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 the grants in November on behalf of its customers and was awarded the maximum of $50,000, to be distributed equally among ten recipients.

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

In a letter sent to each grant recipient, Emigrant Funding Corporation President Peter Hollnsteiner stated: "Small businesses like yours are the lifeblood of local communities throughout our nation, and they are what makes each community Emigrant Bank serves so special."

"As a community bank, Emigrant Bank recognizes the significant role that small businesses serve in supporting and stimulating the local economy," Hollnsteiner added. "It is in this spirit that Emigrant Bank has identified these companies to receive our grants to help them during these difficult challenging economic times."

The recipients of the Emigrant Bank grant include a diverse group of businesses located in North and Central New Jersey, spanning areas such as Cliffside Park, Englewood, Hackensack, Ridgefield Park, Denville, Kearny, Haledon, Westwood, Newark, and Beachwood.

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.

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