Activism, Community, Economic development, Entrepreneurship, Our Press & Awards, Small business |

We’re so excited to share that we’ve been awarded a grant to distribute to our small business and nonprofit customers through the Federal Home Loan Bank of New York’s (FHLBNY) Small Business Recovery Grant (SBRG) Program!

As a community bank in New York and proud members of the FHLBNY, supporting small businesses and nonprofits is fundamental to our mission to bring much-needed investment to the communities that need them most. This grant enables us to deliver on that mission by expanding the capacity of our small business and nonprofit customers.

The FHLBNY first created its 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 the SBRG Program in 2020 to support local businesses, farms and non-profits throughout the FHLBNY’s District. Since 2020, the FHLBNY has awarded more than $25 million in SBRG Program funds. Through the SBRG program, FHLBNY members – like us – can provide grants of up to $10,000 to qualifying small businesses, including nonprofits, that have faced economic challenges due to the rate environment, inflation, supply-chain constraints, or rising energy costs.

“Small businesses are critical to the health and economic strength of their communities, and through our Small Business Recovery Grant Program, the FHLBNY is able to partner with members like Spring Bank to make a direct and positive impact for these vital local institutions,” said Michael Beifeld, Relationship Manager at the FHLBNY.

We most recently received a SBRG award in 2023 – a critical time for struggling small businesses – and are so grateful for this opportunity to once again provide support during another difficult economic climate. This year’s grantees are ten of our inspiring nonprofit and small business customers:

Ariva: Ariva is working to remove barriers to financial and economic access by providing free tax preparation in NYC and free financial counseling that includes education on budget management and building savings, and so much more. One of their permanent locations is right here at Spring Bank!

The Bronx River Alliance: Through equitable restoration, environmental protection, and public education, the Alliance is a notable nonprofit leader and longtime partner of ours, transforming the 23-mile-long river for present and future generations.

Celebrities Quality Painting: Owned by Navy vet Dr. Nneka Bell, Celebrities Quality Painting, also known as Celebrities Quality Construction, provides commercial real estate construction, carpentry, flooring, renovations, and a 100% customer satisfaction guarantee.

Community Voices Heard (CVH): CVH is a member-led organization that tackles challenging issues through grassroots organizing, leadership development, and advocacy for policy changes that benefit all New Yorkers.

College Bridge Café: Located in the Bronx, College Bridge Café provides career education counseling, mentoring, and referral services.

Custom Collaborative: A New York City-based nonprofit, Custom Collaborative is an entrepreneurship and workforce development organization that trains and supports women from low-income and immigrant communities in launching fashion careers and businesses.

Island Pops: Island Pops has brought Caribbean-inspired frozen treats to New York City and across the country since 2015. Through the help of our commercial lending team, Island Pops secured the funding they needed to relocate and expand.

Red Hook Art Project (RHAP): Founded in 2009, RHAP is a non-profit organization that provides free visual art, music, academic and stress management instruction to children and youth who live in and around Red Hook, Brooklyn.

Red Hook Initiative (RHI): RHI is a critical community resource in Red Hook, providing youth development programs, community building programs, and serving as one of the largest community employers.

South Bronx United: Starting as a grassroots soccer program, South Bronx United has transformed from a soccer program into a multifaceted organization, expanding its services far beyond the soccer field and now offering academic and career support, social work, and immigration services.

The ten beneficiaries of our Small Business Grant Recovery Program award serve a wide range of missions that include: the arts, financial empowerment, youth development, and the environment. We are so inspired by all of these recipients and are proud to support them as their New York banking partner.

To learn more about our dedication to supporting small businesses and nonprofits, discover our approach to small business lending and how we leverage customer deposits. You can also learn more about how our affordable small business bank accounts and free nonprofit checking accounts can support your organization.