Flushing Bank and its parent company, Flushing Financial Corporation, have been approved to distribute funds for a small business loan program, the company announced earlier this week.
Flushing Bank’s application to distribute funds to small business and nonprofits on behalf of the Federal Home Loan Bank of New York’s Small Business Recovery Grant Program was approved. The bank plans to begin to hand out funds to help support small businesses and nonprofits in the area, according to the bank’s CEO.
“We are very pleased that we have been approved to participate in the FHLBNY’s Small Business Recovery Grant Program. These funds will be distributed to small businesses and non-profit organizations in our local market areas,” said John Buran, the bank’s president and CEO. “As a community bank, we recognize the important role that small businesses will play in the economic recovery of our local markets. This grant program is another way for us to contribute the much needed support to small businesses and charitable organizations in our local communities.”
Flushing Bank, which was founded in 1929, has branches in Queens, Brooklyn, Manhattan and Long Island.
The Federal Home Loan Bank of New York’s Small Business recovery Grant Program allocates $2.5 million towards relief efforts in New York state.
In order to be eligible for the loan, small businesses are required to demonstrate a 25 percent decrease in revenue based on a year-over-year comparison.
Once received, the funds can be used for employee pay, equipment to comply with public health measures, working capital, and payments on existing or new debt.