NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of New York ("FHLBNY") launched the 2024 Round of its Small Business Recovery Grant ("SBRG") Program with $5 million in grant funding available to local small businesses and non-profits through the FHLBNY's members. "Small businesses and non-profits continue to face economic challenges," said José R. González, president and CEO of the FHLBNY. "These institutions are the fabric of the communities we serve and key drivers of local economies, and the FHLBNY is proud to join with our members to continue to support growth at the local level." The SBRG Program provides grant funds to benefit FHLBNY members' small business and non-profit customers. This program is intended to support the financial security and health of organizations that have faced economic challenges due to several factors, including inflation, supply-chain constraints, and/or rising energy costs. Eligible recipients can receive a grant from $2,500 to $10,000 each. The SBRG Program is administered by the participating members of the FHLBNY. The FHLBNY first created the SBRG Program to provide local support in Puerto Rico and the U.S. Virgin Islands in the wake of the 2017 hurricane season and redeployed it in 2020 – and every year since – to support local businesses across its service region. Including the current Round, the FHLBNY has since ...