Neighbor News
Citizens to Fund Over $1.3 Million for MA Small Business Support
Bank is directing more than $5 million to support community relief across service area
Community organizations and small businesses in Massachusetts will receive more than $1.3 million in funding as part of a previously announced initiative through which Citizens Bank will direct more than $5 million to support relief and recovery across communities it serves, including nearly $1.2 million that will go directly to small businesses across the Commonwealth.
“We believe our approach strikes a strong balance between rapid aid to community partners addressing immediate needs and longer term support for small business recovery,” said Jerry Sargent, Massachusetts state president, Citizens Bank. “Our small business customers are a vital engine of the Massachusetts economy so it is critical that we both give them an immediate leg up and bolster their long term viability.”
Citizens Bank and the Citizens Charitable Foundation will direct more than $1.3 million in Massachusetts as follows:
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- $700,000 between the LISC Boston, City of Boston’s Small Business Relief Fund, and Boston Main Streets Foundation Covid-19 Emergency Response Fund; which will offer grants to small businesses for immediate operating needs including rent, fixed debts, payroll, accounts payable, lost sales and other working capital expenses.
- $480,000 in direct grants to Citizens Bank small business customers in Massachusetts that will help them continue operating and recover from the impacts of the coronavirus pandemic. The program will provide $15,000 grants to 32 of the bank’s small business customers. Details of the award program can be found at Citizensbank.com/smallbusinessrecovery.
- $75,000 for the Boston Resiliency Fund to support nonprofit organizations that are providing food, technology, and other wraparound support services to families, children and first responders.
- $75,000 to the Boston Foundation’s COVID-19 Response Fund which will award one-time operating grants to non-profits providing support for seniors, children, immigrants, displaced workers and other vulnerable populations.
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.