Fund Made Available to Sterling by Federal Home Loan Bank of New York (FHLBNY) Membership
COBLESKILL, NY (September 21, 2021) – As COVID-19 positive cases rise once again, Sterling Insurance was quick to secure $100,000 via their membership in the Federal Home Lona Bank of New York (FHLBNY) to assist local business’ recover. Sterling tapped SEEC to administer its $100,000 allocation for the Small Business Recovery Grant program. Applications will be simple to complete and available starting Friday, September 24th at www.seecNY.org.
“We recognize the struggle of our small businesses that are trying to outlast the public health crisis and its impacts on their workforce and the bottom line, “ stated Steve Harris, CEO, Sterling Insurance. ”We could not bypass an opportunity to obtain $100,000 in recovery funding for our communities.”
Sterling Insurance is a member of the FHLBNY which has offered the COVID-19 Small Business Recovery Grant program intended to support the financial security and health of organizations that have suffered a decrease in revenue as a result of the ongoing COVID-19 crisis. With the latest allocations, FHLBNY has topped $11 million funding to-date. The Sterling grant program is reserved for Schoharie County organizations.
“We are pleased to support Sterling in distributing $100,000 to local enterprises,” added Tom Putnam, chair, SEEC. “The SEEC Resiliency Fund proved that access to capital, no matter the limits, can help stabilize businesses and strengthen our local economy.”
The program has a very quick timeline and very simple eligibility criteria. To meet FHLBNY guidelines, the Sterling Small Business Recovery Grant program requires the applicant to prove 25% decrease in revenue measured by comparing a two-month period 2019 to 2020 during the height of the pandemic. SEEC is prepared to accept all applications which are due by October 6, 2021. Awards will be privately communicated the week of October 18th.
SEEC has organized the following technical assistance:
- OFFICE HOURS: SEEC is booking individual appointments to review the Sterling Small Business Recovery Grant program Friday, October 1st from 9am to 3pm, reserve your appointment by emailing admin@seecNY.org.
- ACCESS TO CAPITAL Webinar: Live presentations and interactive session slated Wednesday, September 29th at 8am. Registrations opens Friday at www.schohariechamber.com
- BUSINESS ADVISORS: Small Business Development Center Business Advisors are ready to support application preparations. Book appointment HERE.
Businesses can start applying for the Sterling Small Business Recovery Grant beginning Friday, September 24th by visiting www.seecNY.org. Applications will be reviewed for eligibility and completeness by SEEC Advisors and provided conditional approval by Sterling Insurance representatives. Applicants will be notified of funding award the week of October 18, 2021.
ABOUT STERLING INSURANCE:
Since 1895 Sterling has been providing quality insurance protection to New Yorkers with an ever-expanding array of product offerings.
As a mutual company located in upstate New York, Sterling is owned by policy holders versus stockholders. Consequently, Sterling is accountable to “Main Street” where policyholders live and work. Rated A (Excellent) by AM Best Company, the industry’s most widely recognized authority, Sterling now insures more than 100,000 New Yorkers.
Established by the private sector, Schoharie Economic Enterprise Corporation, commonly known as “SEEC,” was organized as a not-for-profit to strengthen Schoharie County by fostering economic growth. SEEC serves as a liaison to local municipalities and institutional leaders with the common goal of highlighting distinctive points of light within the community, cultivating entrepreneurial endeavors and enhancing the ability of local businesses to add value to their enterprises. SEEC is guided by social, environmental and financial principles that will accelerate growth and help provide sustainability through a collaborative and thriving business community.