Ten area small businesses and nonprofit organizations are using grants of $5,000 each under the 2023 Small Business Recovery Grant (SBRG) program.
Solvay Bank, in partnership with the Federal Home Loan Bank of New York (FHLBNY), awarded the funding.
Grant recipients include Home HeadQuarters, Inc. and St. Camillus. They were the only organizations that gave permission to be named publicly, Erica Muscatello, VP of business strategy & marketing manager at Solvay Bank, tells CNYBJ in an email.
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The grant awards focus on supporting small businesses and not-for-profit corporations that have faced economic challenges due to higher interest rates, inflation, supply-chain constraints, and/or rising energy costs, Solvay Bank said. Recipients can use the funds for “reasonable and necessary” expenses.
Solvay Bank awarded the grants to the 10 local recipients in December.
“As a community bank, we believe in the power of small businesses and non-profit organizations to drive economic growth and positively impact our local neighborhoods,” Michele Fernandez, VP, enterprise risk manager & CRA officer at Solvay Bank, said in a news release. “It is our mission to invest back, ensuring a brighter future for all. We thank the small businesses and local organizations for their commitment to our community.”
About the institutions
Founded in 1917, Solvay Bank describes itself as the oldest community bank established in Onondaga County. Solvay Bank has nine branch offices in Solvay, Baldwinsville, Camillus, Cicero, DeWitt, Liverpool, North Syracuse, Westvale, and in the State Tower Building in downtown Syracuse.
The FHLBNY says it helps community lenders advance housing and community growth in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands. The FHLBNY is part of the congressionally chartered, nationwide Federal Home Loan Bank System and increases the availability of mortgages and home finance to families of all income levels by assisting members in more effectively serving their neighborhoods and meeting their Community Reinvestment Act responsibilities.
