FHLBNY launches $5M grant round for small businesses
The Federal Home Loan Bank of New York has launched the 2025 round of its Small Business Recovery Grant Program, making $5 million available to small businesses, farms and nonprofit organizations across its service region, including Puerto Rico.
“Small businesses are not only part of the fabric of the communities they serve, but essential to economic growth at the local level,” said Randolph C. Snook, president of the bank. “Our Small Business Recovery Grant Program positions the FHLBNY to join with our members to provide critical support that keeps these institutions thriving and driving their communities forward.”
Eligible applicants may receive individual grants ranging from $2,500 to $10,000. The program is intended to help organizations facing challenges such as inflation, supply chain issues and rising energy costs. Participating FHLBNY member institutions will administer the funds.
The bank created the SBRG after the 2017 hurricane season to aid businesses in Puerto Rico and the U.S. Virgin Islands. It was relaunched in 2020 and has since become an annual program.
With the 2025 round, the FHLBNY has awarded $29 million in grants to more than 3,100 businesses and nonprofits since 2020.
The bank said the program aligns with its mission to strengthen communities by helping members support businesses, create jobs and expand homeownership opportunities.
The program is funded directly from the bank’s earnings.
