Ten New York City Small Businesses Each Receive
$10,000 to Provide Relief from Impact of COVID-19 on their
Businesses
Signature Bank (Nasdaq: SBNY), a New York-based, full-service
commercial bank, announced today its collaboration with Brooklyn
Legal Services Corporation A, a nonprofit law firm providing free,
high-quality legal services to New Yorkers citywide, to distribute
$100,000 in Federal Home Loan Bank of New York (FHLBNY) grants. Ten
New York City small businesses each received $10,000 through the
FHLBNY’s Small Business Recovery Grant (SBRG) Program, providing
them relief from the economic impact COVID-19 has had on their
respective businesses. The FHLBNY is offering this round of funding
through its COVID-19 SBRG Program.
On average, these ten businesses – among them several
restaurants and laundromats, a real estate agency, an automotive
store, a flower shop and a seamstress – cumulatively saw an annual
$200,000 decrease in revenue since the beginning of the pandemic.
The grants will cover personnel costs, operating expenses and rent
arrears to ultimately help keep these businesses open.
FHLBNY’s SBRG Program was initially developed in response to the
2017 hurricanes in Puerto Rico and the U.S. Virgin Islands. In
2020, the SBRG program was relaunched in response to the COVID-19
pandemic to help alleviate the challenges small businesses faced
across the FHLBNY’s District, which includes New Jersey, New York,
Puerto Rico and the U.S. Virgin Islands. This program supports the
financial security of qualifying organizations that have suffered
decreased revenue following a disaster by partnering with members
to provide grants. Through its 2020 and 2021 distribution rounds,
the SBRG Program provided flexible funds to benefit small business
and non-profit customers across FHLBNY members’ communities,
bringing $14 million in grant funding to more than 2,000 small
businesses and non-profits in communities across the FHLBNY’s
District.
“Giving back to the communities we serve is an integral part of
our corporate culture. As we celebrate our 20th anniversary, we
reflect on our founding New York City roots and the many small
businesses throughout the boroughs we’ve helped grow and prosper.
Participating in opportunities such as the FHLBNY’s SBRG Program is
consistent with our mission of Looking Forward, Giving Back. We are
proud to continue to nurture these small businesses and recognize
the value they bring and the meaningful role they each play within
their respective local communities,” explained Signature Bank
President and Chief Executive Officer Joseph J. DePaolo.
Brooklyn Legal Services Corporation A Executive Director Jessica
A. Rose, Esq., added: “These grants provide a necessary lifeline
for our small business clients. Our collaboration with Signature
Bank demonstrates just how Brooklyn Legal Services Corporation A
combines legal representation and advocacy to spread justice to all
New Yorkers. Our neighborhoods win when partnerships such as this
enable our attorneys to better position our small business clients
to tackle the challenges of the COVID-19 pandemic. These grants
will help them maintain their businesses and keep their personal
assets intact.”
“At the Federal Home Loan Bank of New York, we are driven by our
community-focused mission, and we are honored to partner with our
member, Signature Bank, to bring these grants to the institutions
that keep our communities strong,” said José R. González, president
and CEO of the FHLBNY. “Throughout the COVID-19 pandemic, we have
repeatedly seen our members rise to meet its challenges, doing all
that they can to support their customers, neighbors and
communities. We have been proud to offer the Small Business
Recovery Grant Program to assist in these efforts, as we all work
together to help our region recover.”
"Business has been unusual and unstable since March 2020," noted
Chibueze Amakwe, owner of Sons of Daniel in Brooklyn, New York. “We
lost a lot of income and are still losing a considerable amount of
patronage. Meanwhile, rents and utilities continue to accumulate.
Currently, my utilities arrears stand at about $20,000 for
electricity and gas alone. The $10,000 grant will go a long way in
helping me pay down these utilities. The grant is a welcome
relief.”
Wilhemina Smith, owner of Mel's Marketing & Consulting
Service, said: “Our business appreciates this grant assistance as
we continuously adapt to new challenges during these uncertain
times. The funds are a great help, allowing our business to sustain
and improve current operations as we move into this new year.”
This grant program marks the fourth one in which Signature Bank
and the FHLBNY have partnered to support small businesses. Grants
totaling $350,000 were distributed between 2020-2021 to 39 small
businesses and nonprofit organizations spanning the Bank’s clients
as well as various entities with whom it forged grant
relationships.
About Brooklyn Legal Services Corporation A
Brooklyn Legal Services Corporation A advances social and
economic justice through neighborhood-based legal representation
and advocacy. The organization assists tenants, homeowners, small
business owners and community-based organizations to develop and
sustain vibrant neighborhoods. Its three core legal practices
affirm their clients’ fundamental rights: the Preserving Affordable
Housing Program represents and advocates for tenants facing
eviction and disrepairs by representing both individual tenants and
tenant associations; the Community and Economic Development Program
represents small businesses and nonprofit community-based
organizations on commercial lease matters and an array of
development and operational projects; and the Consumer Economic
Advocacy Program uses civil legal remedies and advocacy to protect
equity of low- and moderate-income families facing foreclosure and
low-income taxpayers in federal and state tax matters. To learn
more, visit www.bka.org or call (718) 487-2300.
About the Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York (FHLBNY) helps community
lenders in New Jersey, New York, Puerto Rico and the U.S. Virgin
Islands advance housing and community growth. The FHLBNY is part of
the congressionally chartered, nationwide Federal Home Loan Bank
System, which was created in 1932 to provide a flexible credit
liquidity source for member community lenders engaged in home
mortgage and neighborhood lending. The FHLBNY increases the
availability
of mortgages and home finance to families of all income levels
by offering high-value correspondent and cash management services
to assist our members in more effectively serving their
neighborhoods and meeting their Community Reinvestment Act
responsibilities. For more information, visit www.fhlbny.com.
About Signature Bank
Signature Bank (Nasdaq: SBNY), member FDIC, is a New York-based,
full-service commercial bank with 37 private client offices
throughout the metropolitan New York area, as well as those in
Connecticut, California and North Carolina. Through its
single-point-of-contact approach, the Bank’s private client banking
teams primarily serve the needs of privately owned businesses,
their owners and senior managers.
The Bank has two wholly owned subsidiaries: Signature Financial,
LLC, provides equipment finance and leasing; and, Signature
Securities Group Corporation, a licensed broker-dealer, investment
adviser and member FINRA/SIPC, offers investment, brokerage, asset
management and insurance products and services.
Since commencing operations in May 2001, Signature Bank reached
$118.45 billion in assets as of December 31, 2021. With $106.13
billion in deposits at year-end 2021, Signature Bank placed 22nd on
S&P Global’s list of the largest banks in the U.S., based on
deposits.
Signature Bank was the first FDIC-insured bank to launch a
blockchain-based digital payments platform. Signet™ allows
commercial clients to make real-time payments in U.S. dollars,
24/7/365 and was also the first solution to be approved for use by
the NYS Department of Financial Services.
For more information, please visit
https://www.signatureny.com.
This press release and oral statements made from time to time by
our representatives contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
You should not place undue reliance on those statements because
they are subject to numerous risks and uncertainties relating to
our operations and business environment, all of which are difficult
to predict and may be beyond our control. Forward-looking
statements include information concerning our expectations
regarding future results, interest rates and the interest rate
environment, loan and deposit growth, loan performance, operations,
new private client teams and other hires, new office openings,
business strategy and the impact of the COVID-19 pandemic on each
of the foregoing and on our business overall. Forward-looking
statements often include words such as "may," "believe," "expect,"
"anticipate," "intend," “potential,” “opportunity,” “could,”
“project,” “seek,” “target”, “goal”, “should,” “will,” “would,”
"plan," "estimate" or other similar expressions. As you consider
forward-looking statements, you should understand that these
statements are not guarantees of performance or results. They
involve risks, uncertainties and assumptions that could cause
actual results to differ materially from those in the
forward-looking statements and can change as a result of many
possible events or factors, not all of which are known to us or in
our control. These factors include but are not limited to: (i)
prevailing economic conditions; (ii) changes in interest rates,
loan demand, real estate values and competition, any of which can
materially affect origination levels and gain on sale results in
our business, as well as other aspects of our financial
performance, including earnings on interest-bearing assets; (iii)
the level of defaults, losses and prepayments on loans made by us,
whether held in portfolio or sold in the whole loan secondary
markets, which can materially affect charge-off levels and required
credit loss reserve levels; (iv) changes in monetary and fiscal
policies of the U.S. Government, including policies of the U.S.
Treasury and the Board of Governors of the Federal Reserve System;
(v) changes in the banking and other financial services regulatory
environment, (vi) our ability to maintain the continuity,
integrity, security and safety of our operations and (vii)
competition for qualified personnel and desirable office locations.
All of these factors are subject to additional uncertainty in the
context of the COVID-19 pandemic, which is having an unprecedented
impact on all aspects of our operations, the financial services
industry and the economy as a whole. Additional risks are described
in our quarterly and annual reports filed with the FDIC. Although
we believe that these forward-looking statements are based on
reasonable assumptions, beliefs and expectations, if a change
occurs or our beliefs, assumptions and expectations were incorrect,
our business, financial condition, liquidity or results of
operations may vary materially from those expressed in our
forward-looking statements. You should keep in mind that any
forward-looking statements made by Signature Bank speak only as of
the date on which they were made. New risks and uncertainties come
up from time to time, and we cannot predict these events or how
they may affect the Bank. Signature Bank has no duty to, and does
not intend to, update or revise the forward-looking statements
after the date on which they are made.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220131005065/en/
Investor Contact: Brian Wyremski,
Senior Vice President and Director of Investor Relations and
Corporate Development 646-822-1479, bwyremski@signatureny.com
Media Contact: Susan Turkell Lewis,
646-822-1825, slewis@signatureny.com
Signature Bank (NASDAQ:SBNY)
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