Federal Home Loan Bank of Boston Grants

FHLB announces additional grant funds for businesses impacted by Covid-19. Grant requests for $5,000 are now being accepted.

The Federal Home Loan Bank of Boston has announced assistance in the form of a grant to help businesses negatively impacted by the Covid-19 virus. The grant is designed to help our profit and not for profit community businesses rebound from the Covid-19 impact. Savers Bank will be accepting applications starting Monday, April 26th at 9:00 am through Monday, May 3rd at 4:00 pm. All applications are subject to eligibility requirements and a total of $50,000 will be awarded while funds last. All applications will be reviewed by a Savers Bank Grant Review Committee and recipients will be notified of acceptance by May 7th, 2021

Eligibility:

• Affordable Housing owner with annual revenue less than $5 million and with documented rental losses of at least 25% from designated units due to Covid-19.
• Non-profit organization with annual revenue less than $5 million with documented revenue losses of at least 25% due to Covid-19.
• Small business, as defined by SBA, with documented revenue losses of at least 25%.
• You will need to certify that your business has been negatively impacted by COVID-19, including documentation of rental losses or revenue losses of at least 25%.
• A Certificate of Good Standing/Existence or equivalent documentation from the respective MA Secretary of the State is required to document small business or nonprofit’s existence.
• Previous FHLB grant recipients are not eligible to apply.

Eligible Use of Funds:

• Working capital, including payroll, as needed to offset loss of revenue. If used to cover payroll, the member must explain how the grant funds will support the continuance of employment/jobs.
• Covid-19 related expenses such as modifications to comply with state and CDC guidelines and/or personal protective equipment.
• Debt service, rent, utilities, inventory and digital marketing.

Terms and Conditions listed below.

Only one grant per business will be accepted for review. Grant recipients will allow for the release and use of their business name and group photo along with requested testimonial for any public relations use by either Savers Bank or the Federal Home Loan Bank of Boston. Grant recipients also understand that no paper applications will be accepted for this grant program.