Small Business To Receive $4.2 Million
April 7, 2020
Citizens Bank has announced specifics of over $5 million in funding to organizations and small business recovery funds across the communities it serves, including $4.2 million that will go directly to small businesses in the bank’s footprint.
Citizens will provide $2 million in direct grants to its small business customers to help them continue operating and recover from adverse conditions brought on by the coronavirus pandemic. The program will provide 134 grants at $15,000 each. Eligible Citizens customers who have been in business for a minimum of two years and with up to $5 million in annual revenue are encouraged to apply for one of the $15,000 grants. Details of the award program can be found at Citizensbank.com/smallbusinessrecovery.
Additionally, $2.2 million will be allocated to organizations across Citizens’ footprint that are providing grants for small business recovery. Grants to small businesses through these organizations will be as much as $25,000, based on size and need.
The Community Support Relief funds will provide grants to organizations with a successful track record of delivering critical services for at-risk populations. Grants will enable nonprofits to continue providing community safety nets such as food pantries and health services, as well as preparedness and protection services including hygiene supplies and access to accurate information.
In addition to providing new funding, Citizens removed programmatic restrictions on 2020 funding to non-profit partners to allow support to be diverted to the areas of greatest need.
“Without question, small business is the lifeblood of the communities in which we operate, and in these trying times, we want to do our part to bolster their vitality and long term viability,” added Jack Murphy, president, business banking, Citizens Bank. “This new program emphasizes our ongoing support for our small business customers affected by the coronavirus pandemic, as well as supporting local economies and communities.”
Read more about Citizens’ COVID-19 efforts.
The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.