Federal Home Loan Bank of New York Announces $5 Million in Small Business Grant Funding
29 Julio 2024 - 10:06AM
The Federal Home Loan Bank of New York (“FHLBNY”) launched the 2024
Round of its Small Business Recovery Grant (“SBRG”) Program with $5
million in grant funding available to local small businesses and
non-profits through the FHLBNY’s members.
“Small businesses and non-profits continue to face economic
challenges,” said José R. González, president and CEO of the
FHLBNY. “These institutions are the fabric of the communities we
serve and key drivers of local economies, and the FHLBNY is proud
to join with our members to continue to support growth at the local
level.”
The SBRG Program provides grant funds to benefit FHLBNY members’
small business and non-profit customers. This program is intended
to support the financial security and health of organizations that
have faced economic challenges due to several factors, including
inflation, supply-chain constraints, and/or rising energy costs.
Eligible recipients can receive a grant from $2,500 to $10,000
each. The SBRG Program is administered by the participating members
of the FHLBNY.
The FHLBNY first created the SBRG Program to provide local
support in Puerto Rico and the U.S. Virgin Islands in the wake of
the 2017 hurricane season and redeployed it in 2020 – and every
year since – to support local businesses across its service region.
Including the current Round, the FHLBNY has since 2020 awarded $24
million in SBRG Program grants to more than 3,000 businesses and
non-profits.
Through the first seven months of 2024, the FHLBNY has made $130
million in affordable housing and community support available
through multiple programs:
- $70.8 million in grant funding through its 2024 Affordable
Housing Program Round
- $28.9 million in grant funding through its 2024 Homebuyer Dream
Program® (“HDP®”) Round
- $10.3 million in grant funding through inaugural HDP Plus
Round
- $10 million in interest rate credits through its 2024 0%
Development Advance Program
- $5 million in supplemental credits for low-to-moderate income
mortgages sold into its Mortgage Asset Program
- $5 million in grant funding through its 2024 SBRG Program
Round
These programs are funded directly by the FHLBNY’s earnings and
are incorporated into its strategy, reflecting the FHLBNY’s
continuing commitment to strengthening the communities it serves.
The FHLBNY makes its broadest impact through the execution on its
foundational liquidity mission, through which it provides its
members with a stable source of liquidity to facilitate the
extension of credit to consumers, communities, and small businesses
across its region.
Federal Home Loan Bank of New YorkThe Federal
Home Loan Bank of New York is a Congressionally chartered,
wholesale Bank. It is part of the Federal Home Loan Bank System, a
national wholesale banking network of 11 regional,
stockholder-owned banks. As of June 30, 2024, the FHLBNY serves 337
financial institutions in New Jersey, New York, Puerto Rico, and
the U.S. Virgin Islands. The mission of the FHLBNY is to provide
members with reliable liquidity in support of housing and local
community development.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995This report may contain
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are based upon our current expectations and speak
only as of the date hereof. These statements may use
forward-looking terms, such as "projected," "expects," "may," or
their negatives or other variations on these terms. The Bank
cautions that, by their nature, forward-looking statements involve
risk or uncertainty and that actual results could differ materially
from those expressed or implied in these forward-looking statements
or could affect the extent to which a particular objective,
projection, estimate, or prediction is realized. These
forward-looking statements involve risks and uncertainties
including, but not limited to, the Risk Factors set forth in our
Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q
filed with the SEC, as well as regulatory and accounting rule
adjustments or requirements, changes in interest rates, changes in
projected business volumes, changes in prepayment speeds on
mortgage assets, the cost of our funding, changes in our membership
profile, the withdrawal of one or more large members, competitive
pressures, shifts in demand for our products, and general economic
conditions. Forward-looking statements speak only as of the date
they are made, and we undertake no obligation to revise or update
publicly any forward-looking statements for any reason.
CONTACT: Brian Finnegan(212)
441-6877brian.finnegan@fhlbny.com