Business
Ponce Bank Receives $1,826,265 in Federal Economic Relief Funds To Aid Lending to Small Businesses in Communities in The Bronx, Manhattan, Brooklyn, Queens and Union City, New Jersey
NEW YORK, June 21, 2021 (GLOBE NEWSWIRE) -- PDL Community Bancorp (the “Company”) is pleased to announce that on June 15, 2021, Ponce Bank (the “Bank”), a
About this update from Ponce Financial Group, Inc.
[{"type":"text","content":"NEW YORK, June 21, 2021 (GLOBE NEWSWIRE) -- PDL Community Bancorp (the “Company”) is pleased to announce that on June 15, 2021, Ponce Bank (the “Bank”), a subsidiary of the Company and the community bank champion of families and small and medium-sized businesses in underserved communities, was informed by the United States Department of the Treasury that it will receive $1,826,265 in federal Economic Relief Funds for Small Businesses. Ponce Bank, a Community Development Financial Institution (“CDFI”) and a Minority Depository Institution (“MDI”), focuses on underserved communities in The Bronx, Manhattan, Brooklyn, Queens, New York and Union City, New Jersey. The federal funds are being granted under the Treasury's CDFI Rapid Response Program (“CDFI RRP”), which seeks to provide needed capital for CDFIs in order for them to respond to the economic challenges created by the COVID-19 pandemic and its disparate effects on minority communities, such as those served by Ponce Bank. Treasury set aside $1.25 billion nation-wide for investment in these communities. Carlos P. Naudon, President of Ponce Bank, stated, “This program is an essential step in meeting the needs of our communities. The new funding will enable us to deploy, within the next 60 to 90 days, enhanced and expanded lending programs for small businesses in our communities. The receipt of the Treasury’s CDFI RRP funds acknowledges the huge effort it takes to assist meaningfully small businesses in communities that have been disparately impacted by the pandemic. We plan to target really small businesses — those who gross about $400 per day. These are small businesses with very few employees, yet they are the lifeblood of our communities and the base for economic development. Unfortunately, as Secretary Yellen courageously acknowledged, small businesses owned by people of color suffered more from the slowdown created by the pandemic and continue to have more limited access to capital.” Ponce Bank has a long and respected history of supporting businesses and individuals in minority and underserved communities throughout New York City and Northern New Jersey. “These are underserved communities; not undeserving communities,” Naudon stresses. Ponce Bank was recently named the top Latino bank in the country by MightyDeposits.com for Ponce’s delivery on its commitments to its com...