Short Hills-based Investors Bank, through its charitable foundation, is releasing more than $1.13 million in financial grants to not-for-profit organizations in New Jersey and New York. The Investors Foundation is making the grants as not-for-profit organizations face a doubling and tripling in the demand for the services they are providing to communities during the COVID-19 pandemic.
The grants are going to not-for-profit organizations that supply people and families with healthcare services, food, shelter, and the basics that are needed to survive through the pandemic and severe economic downturn. There are more than 170 local and regional organizations that are receiving grants, including food pantries, feeding programs, rescue squads, EMT and EMS teams, hospitals, and not-for-profit economic development corporations that assist small businesses.
In announcing the grants, Investors Bank Chairman and CEO Kevin Cummings said, “Nonprofits are responding to the unprecedented needs of so many in our communities. We believe in the value of forming alliances that bring our company and not-for-profit organizations together, and we are seeking to identify how we may assist the organizations that are providing essential services to our neighbors.”
Grants also have gone to healthcare teams treating COVID-19 patients. The Investors Foundation recently provided Stony Brook University Hospital Foundation on Long Island with a $100,000 grant. These funds will help build a field hospital on campus to support the treatment of patients with COVID-19. The hospital’s doctors, nurses, and support teams are on the frontline saving lives under unprecedented circumstances, and Stony Brook Medicine’s researchers are looking for new ways to combat the coronavirus and treat patients with COVID-19.
The Investors Foundation, which has made more than $41 million in grants since 2006, supports non-profit organizations that enrich the diverse communities served by Investors Bank. Not-for-profits may apply for grants by going to the Foundation’s website.
Additionally, the Bank is providing $50,000 to UCEDC (United Counties Economic Development Corporation), which aids small businesses that may be unable to borrow capital from conventional lending sources. The UCEDC is originating low-cost, cash-infusion loans that enable small companies to bridge the cash flow gap created by the loss of revenue due the current pandemic. The UCEDC COVID-19 relief loans are granted in amounts up to $15,000 with a five-year term, a 0% fixed interest rate, a personal guarantee and no collateral.
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