Columbia Bank said Aug. 19 it was able to sponsor 12 New Jersey businesses through its membership with the Federal Home Loan Bank of New York (FHLBNY).
These companies received a cumulative of $100,000 in support grants.
The FHLBNY Small Business Recovery Grant Program is intended to support the financial security and health of workers employed by organizations that have suffered a decrease in revenue as a result of the ongoing COVID-19 pandemic.
Columbia Bank, a program participant, worked alongside businesses to compile necessary documentation to demonstrate eligibility, and submit an application on behalf of recipients. Through the initiative, the bank elected to focus on local nonprofit organizations and businesses, several of which are in low to moderate-income neighborhoods.
Funds may be used for reasonable and necessary expenses incurred or to be incurred as a direct result of COVID-19 such as payroll, equipment, working capital or debt payment.
“As a true community bank, we are committed to serve the needs of our neighborhoods,” said Columbia Bank President and Chief Executive Officer Thomas Kemly. “After this most challenging year, we are proud to provide additional financial support to several small New Jersey businesses who were unable to meet their obligations due to loss of revenue or unanticipated, extraordinary expenses due to the crisis.”
Nonprofit organizations and small businesses who received FHLBNY Small Business Recovery Grant support from Columbia Bank include:
- Amaker and Porterfield Trans Inc. Plainfield
- Azevedo Payroll Services LLC – Elizabeth
- Burjara LLC – Linden
- Deco Services LLC – Sayreville
- Empanadas Y Mas LLC – Elizabeth
- Haledon Learning Group LLC – North Haledon
- MNK on Hudson LLC – Hoboken
- Newark Arts Council Inc. – Newark
- Newark Boys Chorus School – Newark
- NJ Newark Trust for Education Inc. – Newark
- Perfect Choice Auto – Trenton
- NJ RENEW Life Center Inc. – Paterson