A column published by the New York Bankers Association celebrates the Federal Home Loan Banks for reaching its milestone 90th anniversary. NYBA published the column written by the FHLBank of New York’s Chief Business Officer, Adam Goldstein, titled, “At 90, the FHLBNY Remains a Trusted Partner for the Empire State.”
The column notes that at the onset of the pandemic, the FHLBanks were the lenders of first resort, stepping up to keep liquidity in the market when other sources of funding either disappeared or were slow to act. In New York, the FHLBank of New York also supported thousands of small businesses through the launch of its Small Business Recovery Grant Program. Wrote Goldstein: “When the pandemic took hold in New York, Five Star Bank, like so many local lenders throughout the Empire State, rallied to support their customers and communities. To bolster these efforts, Five Star utilized its long-time partnership with the FHLBNY to access Small Business Recovery Grant Program funding, awarding $200,000 through 22 grants to local community institutions.”
Justin Bingham, Chief Operating Officer of Five Star Bank, said its partnership with the FHLBank of New York enabled them to provide financial certainty to several nonprofit and local small business clients during the pandemic. “This thoughtful grant opened the door for our lenders to add more financial options and guidance that aided our clients in maintaining their companies’ longevity through an unprecedented pandemic,” Bingham said.
In total, the FHLBNY worked with its members to provide $14 million in grants to more than 2,000 small businesses and non-profits, including $7.2 million to more than 1,100 recipients in New York alone. Read the complete column here.
