Business
OceanFirst Bank Secures $50,000 in Small Business Recovery Grants from Federal Home Loan Bank to Benefit Ten Local Nonprofit Organizations
RED BANK, N.J., Oct. 07, 2024 (GLOBE NEWSWIRE) -- OceanFirst Bank N.A. (the “Bank” or “OceanFirst”), a subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC),
About this update from Oceanfirst Financial Corp.
[{"type":"text","content":"RED BANK, N.J., Oct. 07, 2024 (GLOBE NEWSWIRE) -- OceanFirst Bank N.A. (the “Bank” or “OceanFirst”), a subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC), has helped ten nonprofit organizations in its market area to apply for and obtain Small Business Recovery Grants totaling $50,000 through a program created by the Federal Home Loan Bank of New York (FHLBNY). The grants are designed to assist eligible organizations who have faced economic challenges due to the rate environment, inflation, supply-chain constraints, or rising energy costs. The ten grants awarded this year will assist nonprofit organizations committed to addressing hunger and food insecurity. Nearly one million people in New Jersey are food insecure, a 22% increase over the previous year, according to Feeding America’s annual Map the Meal Gap study. This includes more than 260,000 children –about 1 in 8. Nationwide, the extra amount of money that people facing hunger say they need to have enough food has reached its highest point in the last 20 years. “The Small Business Recovery Grant Program is a great opportunity for OceanFirst Bank to help support our local nonprofit partners and the important work they are doing to aid our communities,” said George Destafney, OceanFirst Bank Chief Community Banking Officer. “We are so pleased to be able to assist ten organizations to receive important resources that will benefit our neighbors struggling with food insecurity. Our congratulations and appreciation to the Federal Home Loan Bank of New York for another successful Small Business Recovery Grant round.” Under the Small Business Recovery Grant Program, banks such as OceanFirst, which are members of the FHLBNY, identify qualified small-business and non-profit customers who are eligible to receive the grant awards. OceanFirst Bank facilitated Small Business Recovery Grants of $5,000 for each of the following organizations, for a total of $50,000: Cathedral Soup Kitchen, Camden, NJCommunity Services Inc of Ocean County, Stafford, NJFreehold Area Open Door, Freehold, NJFriendly Fridge, Bronx, NYMeals on Wheels Mercer, Pennington, NJMeals on Wheels of Greater New Brunswick, New Brunswick, NJMercy Center, Asbury Park, NJMove for Hunger, Neptune, NJLove Ministries Outreach, Rancocas, NJLunch Break, Red Bank, NJ “Meals on Wheels is thrilled to receive a $5,000 grant from ...