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 1982
"I decided to become a founder and a member of Genesee Co-op Federal Credit Union because I wanted to help create, support and benefit from a cooperative alternative to mainstream financial institutions. It's important to me to know that my money supports a non-profit, community-based, socially-responsible saving and lending institution. Now more than ever, we need alternatives to the mega-banks that have made such a mess of our economy. I'm proud to have been a part of an institution that has helped thousands of people enter the world of credit, improve their financial standing and be treated with dignity. It's great to have witnessed the credit union’s evolution from a small group of food co-op members into an institution that serves a member-ownership that's diverse in age, race, ethnicity and socio-economic circumstance."