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COVID-19 Relief Grants for Your Small Business or Non-Profit

Has your business lost revenue due to COVID-19? Coop Fed now has grants available to help impacted small businesses, non-profits, and entities on Indigenous Land. Here is what you need to know to prepare and apply.

Update

We are sorry, but round 1 of grant funding is now closed. A second round of funding may become available.

Join the Wait List

 

Program Overview:

  • Grants are available to small businesses and non-profit organizations that have suffered a 25% decrease in revenue because of COVID-19. 

Grant Details:

  • Up to $10,000 per recipient
     
  • Funded in a first-come, first-serve basis until funds run out
     
  • Available to for-profit businesses and non-profit organizations, including entities on Indigenous lands

Eligibility: 

  • Recipients must be located located in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands, or Indigenous Lands within those areas.
     
  • Recipients are required to qualify as a small business, based on Small Business Association (SBA) guidelines for annual receipts or number of employees. 
     
  • Non-profits are required to have an annual operating budget of less than $20 million.
     
  • Recipient must (a) be currently operating, (b) be supporting its employees while temporarily closed for business, or (c) require the grant funds to resume operations.
     
  • Recipients must be Cooperative Federal members in good standing. Learn more about joining Coop Fed. Additional eligibility criteria may apply; subject to qualification by Cooperative Federal and FHLBNY.

Uses of Grant Funds: 

  • Personnel costs related to COVID-19
     
  • Equipment to comply with public health measures designed to slow the spread of COVID-19
     
  • Working capital (subject to eligibility review by Coop Fed)
     
  • Payments on existing or new debt so the organization can support its employees and/or continued operations

How to Apply: 

  • Send an email to Coop Fed's Small Business Program.
  • Attach financial documents (cashflow statements, point-of-sale reports, or similar) from March and April 2019 and March and April 2020. Coop Fed will analyze these documents to verify a 25% (or more) decrease in revenue. 

  • Attach organizational papers (LLC, DBA, 501(c)3 etc) demonstrating the form and location of the business entity.

  • We will contact you to discuss your application and request further documentation, if needed. (Examples: certification of current operating and employment status, summary of plan to reopen business, non-profit agency operating budget.) 

Questions and More Info

We are here to help. Please reach out to Hanah Ehrenreich, Small Business Program Navigator, or check out Coop Fed's Facebook page for upcoming webinar events. Sign up for our small business email list to stay in the loop!

This program is made possible by 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 altogether having a membership of over 8,000 financial institutions, 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 cash management services to assist credit unions in more effectively serving their neighborhoods and meeting Community Reinvestment Act responsibilities.

The Federal Home Loan Banks are all privately capitalized and operated by their member stockholders. They receive no taxpayer funding and raise their funds by issuing debt instruments in the capital markets. Since the FHLBNY is a secured lender, all of our credit products require collateral to maintain our positions as an accessible and cost-effective source of credit for members. Collateral can take the form of securities, residential or multi-family mortgages, or in some cases, commercial real estate. FHLBNY credit products enhance the financial strength of local lenders, providing them with a reliable source of liquidity at competitive prices so they in turn can help meet the housing finance and credit needs of their communities.