Community organizations and small businesses in New Hampshire and Vermont will receive $330,000 in funding as part of a previously announced initiative through Citizens Bank, which will direct more than $5 million to support relief and recovery across communities it serves, including $280,000 that will go directly to small businesses across New Hampshire and Vermont.
“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 Joe Carelli, NH and Vermont state president, Citizens Bank. “Our small business customers are a vital engine of the local economies 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 $330,000 in New Hampshire and Vermont as follows:
$100,000 to NH Community Development Finance Authority to provide discretionary grants, paired with technical assistance to small businesses in need. Funds will be deployed through eight small business support nonprofits across the state to aid recovery costs.
$180,000 in direct grants to Citizens Bank small business customers in NH and Vermont to help them continue operating and recover from the impacts of the coronavirus pandemic. The program will provide $15,000 grants to 12 of the bank’s small business customers. Details of the award program can be found at Citizensbank.com/smallbusinessrecovery.
$40,000 for the NH Charitable Foundation’s Community Crisis Action Fund to provide immediate unrestricted grants to non-profits working on the front lines, strategic grants to help reduce longer-term impacts, and support for local emergency funds.
$10,000 for the Vermont Community Foundation’s VT COVID-19 Response Fund to provide non-profits with flexible resources to address immediate public health and economic impacts, focusing on vulnerable populations and the service providers that support them
In addition to providing new funding, Citizens removed programmatic restrictions on 2020 funding to nonprofit partners to allow support to be diverted to the areas of greatest need.