FHLB Small Business Recovery Grant Eligibility Requirements
- Rochester Metro area businesses/non-profits.
- Must have suffered a documented 25% decrease in revenue due to COVID-19. We will need to compare a 60-day period after March 1, 2020 with the same 60-day period in 2019. Your REVENUE (not net income) in 2020 will have to be at least 25% less than it was in 2019 for the chosen period.
- Business is either: currently operating or is supporting its employees while temporarily closed for business, or will use grant funds to resume operations.
Eligible Uses of Funds Include:
- Personnel costs related to COVID-19, including payroll and benefits obligations jeopardized by lost revenue, or hiring temporary staff to cover shortages caused by employees who are ill, may have to quarantine, or stay home to care for family members or children during school closures.
- Equipment to comply with public health measures designed to slow the spread of COVID-19.
- Working capital for costs including but not limited to inventory, equipment, business compliance, licensing renewal, utilities, business capacity, legal, financial services, rent, insurance, business taxes, and supplies.
- Payments on existing or new debt so the organization can support its employees and/or continued operation.
Contact Monique Marollo ator 585-746-2230 X117 for more information.
Our Members make the difference.
Member Since 1985
"I joined the credit union because my bank was starting to charge fees for different transactions and setting a minimum amount on how much you had to have in your account. I decided it was time to put my money where my mouth was and support local businesses. So, I opened a checking and saving account with the credit union. In 2004, I got a mortgage with them - which they helped me stay on top of when I was laid off for a short period. I have direct deposit there for work and I did open up a line of credit there many years ago; I don't use it often but it's nice to know it’s there in case I do need it. People at the credit union dress differently, they don't wear suits and they're down to earth. When I go there, it's friendly and welcoming. I like the brickwork and the fact that they have local artwork on the walls. Most of my friends already bank there."