Lake Shore assisting with small business recovery
Lake Shore Savings Bank, a subsidiary of Lake Shore Bancorp, Inc., announced recently that the bank has received funds from the FHLBNY Small Business Recovery Grant Program. These funds are intended to support the financial security and health of workers employed by organizations that have suffered a decrease in revenue as a result of the ongoing COVID-19 crisis. The bank has begun to disburse the grant money to local small businesses and non-profit organizations in its market area.
“We are pleased to be able to participate in this program and to provide up to $200,000 of working capital to local business and non-profit customers in Chautauqua and Erie counties that have been severely impacted by COVID-19,” stated Daniel P. Reininga, president and chief executive officer. “Our participation in this program reflects the Bank’s mission of “helping our customers and serving the communities in our region” and by disbursing these funds we are able to assist our region in its economic recovery.”
The FHLBNY program will widely distribute $5 million in grants to provide working capital to affected businesses and organizations in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands. Under this program, Lake Shore Savings Bank is eligible to make a total of $200,000 in grants to small businesses and non-profit organizations within Chautauqua and Erie counties. Grants may be awarded in amounts up to $10,000 to each of the qualifying organizations that have experienced significant revenue losses during the first six months of 2020.