Ponce Bank's Commitment: $50,000 Grant to Local Businesses
Ponce Bank is thrilled to announce receipt of $50,000 from the Federal Home Loan Bank of New York (FHLBNY) Small Business Recovery Grant Program. This grant plays a critical role in assisting small businesses and nonprofits throughout the communities where Ponce Bank operates. By channeling these funds, the Bank helps local entrepreneurs maintain operations during challenging economic circumstances.
The FHLBNY Small Business Recovery Grant Program aims to support small businesses and nonprofits within its district, which spans several regions. With this initiative, Ponce Bank continues to underscore its dedication to fostering economic inclusion and boosting community development efforts.
“Small businesses are the backbone of our local economy,” stated Barbara Arroyo, Senior Vice President and Director of SBA Lending at Ponce Bank. “Thanks to the support from the Federal Home Loan Bank of New York, we can provide essential financial assistance that helps these businesses not just survive but thrive in their communities.”
Ponce Bank has built a legacy of prioritizing access to fair banking services for underserved populations since its inception. The grant funds will be utilized by businesses to tackle essential expenses such as payroll, equipment, and working capital, further supporting their growth and sustainability.
Recognizing Award Recipients
The FHLBNY Small Business Recovery Grant Program has benefited several small businesses and nonprofits nominated by Ponce Bank. The following organizations received funding:
- RID Trucking LLC
- JC Trucking LLC
- Diaz Security Services LLC
- JAS Grocery
- 735 Supermarket Corp.
- Atlantic Bagels Foods, LLC
- The Great Reset Restaurant Corp
- Manitos Media Group
- UA3 Inc.
- Churches United For Fair Housing, Inc.
- New York Women’s Chamber of Commerce
- Las Panteras Negras
These recipients embody the entrepreneurial spirit that fuels local economic development, demonstrating commitment and focus within their respective communities.
Ponce Bank’s Community Impact
Ponce Bank, founded in the Bronx in 1960 by a group of Puerto Ricans dedicated to community empowerment, has been a constant in the New York financial landscape. With 13 branches operating in the region and possessing assets totaling approximately $3.2 billion, Ponce Bank is recognized as one of the leading Latino-led Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) in the United States.
Approximately 75% of the Bank’s loans are directed towards low- and moderate-income neighborhoods. This strong focus on community lending has earned Ponce Bank the title of #1 CDFI bank among the 20 largest in terms of Housing Focus in Assets, Deposits, and Lending. Notably, its parent entity, Ponce Financial Group, is traded on the NASDAQ under the symbol PDLB.
Looking Ahead
Moving forward, Ponce Bank remains committed to its mission of serving community needs. The grant from the FHLBNY will help support innovative and resilient small business initiatives within its operating areas, ultimately leading to overall economic growth.
For those interested in learning more about Ponce Bank and the variety of programs and services it offers to promote local economic stability, please visit www.poncebank.com.
Frequently Asked Questions
What is the FHLBNY Small Business Recovery Grant Program?
The program provides funds to member financial institutions to assist small businesses and nonprofits within the FHLBNY district.
How does Ponce Bank support local businesses?
Ponce Bank offers grants, loans, and resources to help small businesses thrive, particularly in underserved communities.
Which organizations received funding from the grant?
Organizations such as RID Trucking LLC, JC Trucking LLC, and the New York Women’s Chamber of Commerce are among the recipients.
What is the mission of Ponce Bank?
Ponce Bank is dedicated to providing fair banking services in underserved communities and supporting economic inclusion.
Where can I find more information about Ponce Bank?
You can visit their official website at www.poncebank.com for more details on community programs and offerings.
