BNB Bank Participates in the Federal Home Loan Bank of New York (FHLBNY) Small Business Recovery Grant Program

Rhea-AI Summary

BNB Bank, a subsidiary of Bridge Bancorp (NASDAQ: BDGE), has initiated the distribution of $50,000 in Federal Home Loan Bank of New York Small Business Recovery Grants to local non-profits. This effort is part of a larger $5 million grant program aimed at supporting businesses impacted by the COVID-19 pandemic in New York. BNB plans to allocate a total of $100,000 to qualifying organizations experiencing at least a 25% revenue loss, providing up to $10,000 per grant. The funding will assist in vital services such as job training and financial education.

Positive

• Initiating $5 million grant program to support local businesses and non-profits affected by COVID-19.
• Distribution of $100,000 in grants to non-profits with significant revenue losses.
• Support for essential services such as emergency food, health, and job training.

Negative

• None.

BRIDGEHAMPTON, N.Y., June 16, 2020 (GLOBE NEWSWIRE) -- BNB Bank (“BNB”), the subsidiary of Bridge Bancorp, Inc. (the “Company”) (NASDAQ®: BDGE) distributed the first $50,000 in Federal Home Loan Bank of New York (“FHLBNY”) Small Business Recovery Grants to local non-profits.

The recovery program will widely distribute $5 million in grants to provide working capital to affected businesses in New York. Under this program, BNB will make a total of $100,000 in grants to non-profits that were adversely impacted by the novel coronavirus pandemic on Long Island and New York City. BNB will award grants of up to $10,000 to each of the qualifying organizations that have seen significant revenue losses during this time.

“The Covid-19 crisis has hit local businesses hard and we’ve been doing whatever it takes to help see them through.  We proudly funded approximately 4,000 SBA Paycheck Protection Loans and are happy to step up with this additional help for non-profits through FHLBNY’s grant program,” stated Kevin O’Connor, President and CEO. “Each of these organizations have experienced at least a 25% drop in revenue and these funds will help them provide vital services to assist in the recovery process,” continued O’Connor.

The Bank is focusing its support on non-profits that are helping small businesses during the pandemic, organizations providing emergency food, health and job services and those groups providing educational services to young people. The Bank will distribute an additional $50,000 over the next two weeks. The first $50,000 was distributed to:

• Urban League of Long Island: A $7,500 grant to help support a youth summer camp for the economically disadvantaged.
• Junior Achievement of Long Island: A $10,000 grant for digital financial education in Long Island schools that are mostly in low-moderate income areas.
• Evergreen: A $7,500 grant to support small businesses in North Brooklyn.
• St. Nick’s Alliance: A $7,500 grant for workforce development/job training programs in Brooklyn.
• La Fuerza Unida CDC: A $7,500 grant to support small businesses on Long Island.
• Timothy Hill Children’s Ranch: A $10,000 grant to for supportive services to young people in Suffolk County

About BNB Bank.
BNB Bank established in 1910, has assets of $6.1 billion and operates 39 branch locations serving Long Island and the greater New York metropolitan area. Through its branch network and its electronic delivery channels, BNB provides deposit and loan products and financial services to local businesses, consumers and municipalities. Title insurance services are offered through BNB's wholly owned subsidiary, Bridge Abstract. Bridge Financial Services, Inc. offers financial planning and investment consultation.  BNB has a rich tradition of involvement in the community, supporting programs and initiatives that promote local business, the environment, education, healthcare, social services and the arts. For more information visit www.bnbbank.com.

Contact: Julie Levy     
Chief Marketing Officer
(631) 537-1000, ext. 7211

FAQ

What is the recent initiative by BNB Bank to support local businesses in New York?

BNB Bank has launched a $5 million grant program to assist local non-profits affected by COVID-19, distributing $100,000 in grants to organizations with significant revenue losses.

How much funding is BNB Bank providing to non-profits affected by the pandemic?

BNB Bank is providing a total of $100,000 in grants, with individual grants up to $10,000 available to qualifying non-profits.

What types of organizations is BNB Bank focusing on for its recovery grants?

BNB Bank is focusing on non-profits that assist small businesses, provide emergency food, health and job services, and educational programs for young people.

When was the first distribution of grants by BNB Bank made?

The first $50,000 in grants was distributed by BNB Bank on June 16, 2020.

What impact did the COVID-19 pandemic have on the organizations receiving grants from BNB Bank?

The organizations receiving grants from BNB Bank reported at least a 25% drop in revenue due to the COVID-19 pandemic.