First Hope Bank Secures $50,000 in Funding from FHLBNY's 2024 Small Business Recovery Grant Program for Local Non-Profits

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Sep 10, 2024, 05:00 ET

HOPE, N.J., Sept. 10, 2024 /PRNewswire/ -- First Hope Bank is proud to announce its successful participation in the Federal Home Loan Bank of New York's (FHLBNY) 2024 Small Business Recovery Grant (SBRG) Program. Through this initiative, First Hope Bank secured $50,000 in funding, which has been distributed to six non-profit organizations serving Sussex and Warren Counties.

Clockwise from top left: Foodshed Alliance, Ginnie's House, Family Promise of Sussex County, DASI, Project Self-Sufficiency, and DASACC

The grant funds were awarded to the following non-profits: Project Self-Sufficiency, Ginnie's House Children's Advocacy Center, Family Promise of Sussex County, Domestic Abuse & Sexual Assault Intervention Services (DASI), Foodshed Alliance, and the Domestic Abuse & Sexual Assault Crisis Center (DASACC). Each of these organizations received funding to support their efforts in overcoming economic challenges exacerbated by inflation, supply chain constraints, and rising energy costs.

The check presentation ceremony took place on Thursday, September 5th, where First Hope Bank's President and CEO, Dan Beatty, personally awarded the grant monies to the deserving organizations. "We are honored to partner with FHLBNY to provide valuable financial assistance to these incredible organizations who have helped so many as they carry out their missions," said Dan Beatty. "Their work is essential to the well-being of our community, and as a community bank, we are honored and committed to supporting them as they navigate these challenging times."

The FHLBNY's 2024 Small Business Recovery Grant Program offers a total of $5 million in grant funding, aimed at supporting FHLBNY members' small business and non-profit customers. The program is specifically designed to aid organizations that have experienced financial hardships due to the current economic environment. Eligible recipients, such as the six non-profits selected by First Hope Bank, received grants of up to $10,000 each.

This program empowers participating FHLBNY members, like First Hope Bank, to identify and support organizations that are most at risk of facing financial instability due to loss of revenue or unexpected expenses. "We are immensely grateful for our partnership with First Hope Bank, and we are honored to have received a donation of $8,000 for use in supporting our emergency needs assistance programs for our most vulnerable neighbors. Our decades-long partnership has allowed us to provide crucial programs to individuals and families as they strive for economic self-sufficiency and family stability," said Deborah Berry-Toon, Executive Director of Project Self-Sufficiency in Newton, New Jersey.

For more information on the SBRG Program, please visit FHLBNY's official website, https://www.fhlbny.com/.

About First Hope Bank

First Hope Bank, established in 1911, is a full-service community bank serving customers in northwest New Jersey. With a legacy of trust and commitment to the communities we serve, First Hope Bank offers a full suite of banking products and services for both consumers and businesses. Our mission is to provide exceptional financial services while fostering relationships that make a positive impact on the lives of our customers and the community. For more information, please visit www.firsthope.bank.

SOURCE First Hope Bank