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COVID Economic Recovery Grants for Small Businesses and Non-Profits

Has your business lost revenue due to COVID-19? In partnership with the Federal Home Loan Bank of NY, Cooperative Federal is making grants available to our member businesses, non-profits, and entities on Indigenous land. Here is what you need to know to prepare and apply.

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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:

  • Grant application round 3 is now open! Submit your application by May 24, 2021.
     
  • Funding is available to for-profit businesses and non-profit organizations, including entities on Indigenous lands. 
     
  • Applicants can request up to $10,000. The anticipated average award size is $2,500. Cooperative Federal reserves the right to make a grant that is more or less than the requested amount.
     
  • Priority will be given to eligible applicants that (a) require funding in order to meet financial obligations, including loan payments; (b) have not received other COVID-19 financial assistance; or (c) are owned/controlled by women and/or Black, Indigenous, and People of Color. 

Eligibility: 

In order to be considered for grant funding, applicants must meet the following criteria:

  • Located in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands, or Indigenous lands within those areas.
     
  • Qualify as a small business:
  • Demonstrate a 25% decrease in revenue, measured by comparing a period of two consecutive months pre-COVID (beginning period no earlier than September 1, 2019) to the same two-month period in the subsequent year.
    • Example A: November-December 2019 and November-December 2020
    • Example B: March-April 2020 and March-April 2021
       
  • Fall into one of these categories: (a) currently operating, (b) supporting its employees while temporarily closed for business, or (c) require the grant funds to resume operations.
     
  • Be Cooperative Federal members in good standing. Learn more about joining Coop Fed.
     
  • Complete the Small Business Recovery Grant application before 11:59 pm on Monday, May 21, 2021. The application includes short narratives as well as form data. 

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: 

  • Apply Online!
  • In addition, applicants that are selected as Finalists will be required to provide supporting documentation upon request from Cooperative Federal. Finalists will have 2 business days to respond to requests. Supporting documents include:

    • Organizational papers (LLC, DBA, EIN, etc.) demonstrating the structure and location of the applicant entity
       
    • Financial documents (tax returns, financial statements, IRS 990, etc.) verifying applicant eligibility based on size standards
       
    • Revenue reports (financial statements, cash flow statements, point of sale reports, etc.) documenting a 25% revenue decrease within the specified time period

Questions and More Info

We are here to help. Please reach out to Hanah E., 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.