Through its membership of the Federal Home Loan Bank (FHLB) of New York, Columbia Bank, headquartered in Fair Lawn, sponsored 10 local organizations for $100,000 in support grants for businesses affected by the pandemic.
As a participant, Columbia Bank worked alongside organizations to compile necessary documentation and to submit an application for Small Business Recovery Grant Program funding on their behalf. The bank chose to focus on nonprofit organizations and businesses that serve low to moderate income neighborhoods.
“As a community bank, we always work hand in hand with local businesses and organizations,” said Thomas J. Kemly, President and CEO of Columbia Bank. “We are proud to have proactively leveraged our partnership with the Federal Home Loan Bank to provide additional support to those in need.”
Nonprofit organizations who received support include Family Promise of Southwest New Jersey; Greater Newark Conservancy Inc.; Leadership Newark Inc.; Valley Arts Inc.; and St. Luke Community Development Center Inc. Local small businesses who received support included Black Magnet Enterpises Inc.; S&A Auto Repair LLC; RyArMo Photography Studio LLC; Berkel Training Institute Inc.; and Brick City Bricks 4 Kidz.
The grants will fund PPE equipment costs, working capital, nutrition programs and the rehiring of furloughed employees.