Mayor de Blasio announced today that Signature Bank (NASDAQ: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 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.
“Small businesses impacted by looting are looking for the resources to help them recover and reopen and I am proud that additional funding has been added to assist them during this time,” said Jonnel Doris, Commissioner of the NYC Department of Small Business Services. “NYC means business and as many business owners look to us, I want to ensure they get the continued support they need.”
"As our city comes together to build a new future that is fairer and more equitable, it is vital that the small businesses that are crucial to our neighborhood identities receive the support they need to rebuild and thrive in that future," said Toya Williford, Executive Director of the Mayor's Fund to Advance New York City. "Through their hard work and ingenuity, small business owners have given so much to New York City. With the generosity of our partners, we're proud to extend a hand in solidarity and give back to them during this time."