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COVID Economic Recovery Grants for Small Businesses and Non-Profits
Has your business lost revenue due to COVID-19? Coop Fed is helping our members access grants to help impacted small businesses, non profits, and entities on Indigenous Land. Here is what you need to know to prepare and apply.
We are sorry, but round 2 of grant funding is now closed. Another round of funding may become available.
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- Grants are available to small businesses and non-profit organizations that have suffered a 25% decrease in revenue because of COVID-19.
- Grants range between $2,000 - $5,000 per recipient.
- Available to for-profit businesses and non-profit organizations, including entities on Indigenous lands.
- Grants will be available on a limited basis until funds run out. The sooner you submit a complete application, the more likely you are to get funded.
- 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.
- Recipients will be asked to describe their economic recovery plan, including how the grant will enable the business to maintain or reopen operations.
- Businesses that have not received other COVID-19 relief assistance (such as SBA PPP, EIDL, or other loans and grants) will have preference.
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 two consecutive months in 2019 and the same two months in 2020, beginning in March or later. Coop Fed will analyze these documents to verify a 25% (or more) decrease in revenue. Examples:
March 2019, April 2019, March 2020, April 2020; or
April 2019, May 2019, April 2020, May 2020; or
May 2019, June 2019, May 2020, June 2020
Attach organizational papers (LLC, DBA, 501(c)3, EIN letter, 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 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.