Meredith Village Savings Bank (MVSB) is proud to participate in the Federal Home Loan Bank of Boston’s (FHLBank Boston) 2020 Jobs for New England (JNE) Recovery Grant Program. A member institution of the FHLBank Boston, MVSB was approved for $100,000 in grant funding to support their local business customers. The JNE Recovery Grant provides FHLBank Boston members with the ability to award grants to eligible small businesses and non-profit organizations that have been negatively impacted by COVID-19.
Consideration for funding will be given to all existing MVSB business customers. Application requests can be made from October 2 through October 23, and will be hosted on mvsb.com.
Since 2016, Jobs for New England has offered FHLBank Boston members below market-rate financing for small business loans that create and preserve jobs, expand woman-, minority- and veteran-owned businesses and stimulate the economy in New England communities. The JNE Recovery Grant Program provides members with access to grants that support small businesses and nonprofit organizations experiencing significant loss because of COVID-19.
“We’re thrilled to have received this grant funding that will provide significant relief to many of our small business customers,” said John Swedberg, Senior Vice President and Senior Commercial Lender. “It’s our pleasure to offer any assistance we can to alleviate the intense pressure felt by businesses affected by this pandemic. We’re also very grateful to the FHLBank Boston for offering this very timely opportunity. I also want to thank Dan Osetek, Vice President and Commercial Lender for taking the lead on this project and getting it running so quickly so that we can assist the local businesses in our community. ”
Together with their member institutions, the Federal Home Loan Bank System represents the largest collective source of home mortgage and community credit in the U.S. The System ensures that members provide stable, on-demand, low-cost funding to their communities through home mortgages and lending for small business as well as rural, agricultural and economic development. Federal Home Loan Banks were established by the Federal Home Loan Bank Act in 1932. The 11 Federal Home Loan Banks are located throughout the country in Atlanta, Boston, Chicago, Cincinnati, Dallas, Des Moines, Indianapolis, New York, Pittsburgh, San Francisco and Topeka. The FHLBank Boston provides highly reliable wholesale funding, liquidity and a competitive return on investment to member institutions. Their strength ensures the economic health and well-being of our local communities. The FHLBank Boston is cooperatively owned by more than 440 New England financial institutions, including Meredith Village Savings Bank.