Signature Bank Donates $750K to Small Business Emergency Grant Program

Signature Bank (SBNY), a New York-based full-service commercial bank, will donate $750,000 in funds to the Small Business Emergency Grant Program to further support small business owners who recently experienced damage to their storefronts during recent protests. This donation facilitated by Council Member Andrew Cohen, who connected Signature Bank with the City.

This donation will allow the program to provide individual grants of up to $10,000 to small businesses across the city. The grant will help impacted minority and women-owned businesses as well as those with annual revenues of less than $1.5 million, with their recovery efforts, including repairs, security systems, locks, inventory and more.

The city has already begun processing grant applications for small businesses in the Bronx, and with this donation, will also extend support to additional small businesses throughout other boroughs.

“Our small businesses are the heart of our neighborhoods, which is why we will do everything possible to get them back on their feet,” said Mayor Bill de Blasio. “I want to thank Signature Bank for their donation to help us reach businesses across all five boroughs, especially our minority and women-owned businesses.”

“Signature Bank believes silence cannot be an option during these times. Condemning racism and expressing support for peaceful protests is simply not enough. We believe action must be taken to help reverse the injustices of racism throughout our community and this country,” explained Joseph J. DePaolo, president and chief executive officer at Signature Bank.

“To this end, our $750,000 donation is earmarked specifically for helping restore minority, woman-owned and small businesses throughout the metro-New York area. Signature Bank believes in looking forward and giving back. As an institution founded in New York City with a focus on catering to small and mid-sized companies, our donation affords us the opportunity to support our fellow hometown businesses and the community at large as we all work together to revive this great city,” DePaolo concluded.

The Mayor’s remarks about this donation and the Small Business Emergency Grant Program can be found here.

The Small Business Services’ Emergency response team has been on the ground in impacted neighborhoods, assessing the level of need throughout the city and providing small business owners with resources and grant applications. The Mayor’s Fund to Advance New York City is aiding the Department of Small Business Services in its effort to minimize long-term setbacks to businesses as a result of storefront damage. The City is also providing emergency legal support, incident report support, and insurance claim support. Signature Bank’s donation will allow this support to continue and expand throughout the city.

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