Merchants Commercial Bank in collaboration with the Federal Home Loan Bank of New York (FHLBNY) awarded five local businesses with the Small Business Recovery Grant (SBRG). The recovery grant program provided grants to Federal Home Loan Bank of New York member banks to benefit small businesses and non-profits in their local market. The initiative was designed to offer crucial support to businesses facing economic challenges due to the rate environment, inflation, supply-chain constraints, rising energy costs and/or those in the early stages of development.
Recognizing the vital role that businesses play in the community’s prosperity, Merchants Commercial Bank is committed to continue providing opportunities to enterprises navigating financial hurdles or laying the foundation for growth. The receipt of the Small Business Recovery Grant is a testament to the bank’s dedication to fostering resilience, innovation, and sustainability within the local business community.
The five grant recipients were: B. Kraft Cooks, Alliance Point Charter LLC, Global Marine LLC, Island Green Building Association Inc. and My Brother’s Workshop.
“Small and large businesses alike are the backbone of our community, and as a bank focused on providing service to the commercial sector, we understand the challenges they face, especially during uncertain times. The disbursement of the SBRG grant is our commitment to continue seeking opportunities in which we can support the resilience and potential of the businesses in our community,” said Valdamier Collens, president of Merchants Commercial Bank.
“While we would love to be able to assist all of the businesses in need in our community, we are forced to operate within the guidelines of the grant as set forth by FHLBNY,” said Collens.
Recipients each received grants of $10,000 to aid in overcoming financial challenges and/or aid in the advancement of their new businesses.
About Merchants Commercial Bank:
Merchants Commercial Bank was created to provide state-of-the-art financial resources and solutions to the Virgin Islands’ business and professional community. MCB is a Virgin Islands chartered, FDIC-insured, boutique commercial bank bringing state-of-the-art internet and traditional banking services to the Virgin Islands community. Based on St. Thomas, U.S. Virgin Islands, but also serving St. John and St. Croix, MCB strives to be a reliable partner for businesses at every stage of their journey.
