On April 28, Glen Rock Savings Bank will distribute substantial financial relief to five small businesses and three nonprofit organizations throughout northern New Jersey.
Totaling $70,000, the direct payments are part of the Federal Home Loan Bank of New York’s (FHLBNY) COVID-19 Small Business Recovery Grant program.
The FHLBNY’s COVID-19 Small Business Recovery Grant program sets aside approximately $2 million to benefit the employees of its Tri-State Area members’ small business and nonprofit customers. Its intention is 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 crisis. Eligible recipients can receive grants of up to $10,000 each.
“As a proud member of the Federal Home Loan Bank of New York, Glen Rock Savings Bank is honored and grateful to play a role in helping organizations financially impacted by the protracted pandemic,” said President and Chief Executive Officer Ferdinand Viaud. “As we continue to emerge from this unprecedented health and fiscal crisis, we will continue assisting our customers in any way we can.”
The three nonprofits who received grant monies are the Boys and Girls Club of Hawthorne; CASA – SHAW of Lebanon, which provides court-appointed advocates for abused children; and the Baptist Home Society’s The Cliffs at Eagle Rock, an assisted living facility in West Orange. Businesses that received grant money include a restaurant, preschool, toy store, gym and local retail shop.