Elmwood Park-based Spencer Savings Bank said it distributed $50,000 in funding from the Federal Home Loan Bank of New York’s Small Business Recovery Grant Program to small businesses and nonprofit organizations.

The grant program is designed to help workers at businesses and institutions that have experienced revenue declines because of the COVID-19 pandemic.

“We are extremely proud to participate in this program to provide support to small businesses and non-profit organizations in our community,” said Spencer Chairman and CEO Jose Guerrero in a statement. “Small businesses are the backbone of our economy. As a community bank we will continue to support our small business community as they recover from the devastating impact that COVID-19 has had on their revenue.”

Last year, Spencer distributed $400,000 members of its community affected by the pandemic. A donation of $200,000 went to local hospitals and nonprofits and an additional $200,000 in grants, in conjunction with the FHLBNY, went to nonprofits and small businesses.

The Small Business Recovery Grant Program was originally launched to help in recovery efforts following 2017 hurricanes in Puerto Rico and the U.S. Virgin Islands. It was reconfigured last year to help in the response to the pandemic.

Spencer Savings Bank boasts more than $3 billion in assets and operates 20 locations in New Jersey.