Meredith Village Savings Bank (MVSB) is proud to be able to award grant funding to ten local businesses in conjunction with the Federal Home Loan Bank of Boston’s (FHLBank Boston) 2020 Jobs for New England Recovery Grant Program. A member institution of the FHLBank Boston, MVSB applied to the program and was selected to give $100,000 in grant funding to support small businesses and nonprofit organizations that have experienced significant losses because of COVID-19. Daniel Osetek, Vice President and Commercial Loan Officer, championed the program for MVSB by completing the application to the FHLBank Boston and working with the Bank’s marketing, compliance management and information technology department to quickly develop a complete but user friendly application for local businesses. He also chaired the multi-department committee who carefully reviewed and vetted the applications to ensure that they were able to provide funding that would best serve the needs of our local community.
Osetek maintains an office in the Bank’s Moultonborough office and has worked with businesses throughout the Mount Washington Valley and Lakes Regions. He has seen first-hand the challenges created in 2020 and has been compelled to do all he could to help. “I am grateful to be working for an organization like MVSB which is stable and has been very supportive of employees during this unprecedented economic and health crisis,” noted Osetek. “Many MVSB employees have given so much of their time and creativity to ensure better outcomes in our community. This program continues that intent.”
Winners of grants through MVSB include: Back Bay Salon; Capelli Hair & Body; Corporate Images; Event Builders; Haughey, Philpot & Laurent; Lakes Region Tourism Association; the Law Office of Paul M Monzione; Peter Woodaman Design Group; the Preserve at Chocorua and Salon Alibrio.
The FHLBank of Boston is a bank for banks, credit unions, community development financial institutions, and insurance companies. Cooperatively owned by more than 440 New England financial institutions, the Bank provides reliable access to wholesale credit for these members and other qualified borrowers. 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 Jobs for New England Recovery Grant Program provides members with access to grants that support small businesses and nonprofit organizations experiencing significant loss because of COVID-19.
In addition to the Jobs for New England Recovery Grant Program, MVSB has been proactively working to support their customers throughout the pandemic. Nearly 200 local homeowners were given hardship forbearances on their mortgages, as were over 250 community businesses. In addition, the commercial lending team worked many nights and weekends to ensure that local businesses and nonprofits would have access to the Paycheck Protection Program (PPP) funding available through the US Small Business Association. Through the PPP, MVSB shepherded over $51M dollars to 650 businesses in our region.
Other changes were made to make banking easier and safer for their customers, such as intense and dedicated attention to the recommended standards for in-lobby banking and a significant upgrade to online and mobile banking coupled with extended hours to answer customer questions. Significant financial and volunteer support has been given to local nonprofits, and scholarships were offered to local high school students.
In addition, MVSB offers extensive educational materials on their website and social media for all community members, not just customers. This includes information on COVID19-related and other fraud trends that customers can watch out for, as well as excellent expert information to help people with spending management, budgeting and saving.
“Many of the businesses, nonprofits and households of our local community have been adversely affected by COVID19. As a mutual bank without stockholders, we can focus on committing available resources to the people and businesses in our communities instead of Wall Street, which has been an advantage in the pandemic. We are pleased to be able to provide an additional avenue of financial support for our small local businesses that have been hurt by the pandemic,” 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. We’re also very grateful to the FHLBank Boston for offering this very timely opportunity.”
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.