– Launch of Small Business Recovery Grant Program 2024 Round increases FHLBNY’s 2024 funding available for housing and community development to $130 million –
NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) — 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 York
The 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 1995
This 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) 441-6877
brian.finnegan@fhlbny.com
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