FHLBank New York — Small Business Recovery Grant
Federal Home Loan Bank of New York (FHLBNY)
Up to $10,000
Up to $10K grants for NY/NJ/PR small businesses — through your local bank
The Small Business Recovery Grant (SBRG) is an annual grant program administered by the Federal Home Loan Bank of New York through its member financial institutions, distributing up to $10,000 per small business in New York, New Jersey, Puerto Rico, and the U.S. Virgin Islands. The 2026 round has $5 million available, opening May 26 and running through July 31, 2026 (or until funds are exhausted). Grants support startup costs, expansion, equipment, working capital, and related business expenses. Small businesses cannot apply directly — they must work through a participating FHLBNY member bank, credit union, or savings institution.
- Funding type
- Grant
- Level
- Foundation
- Amount range
- $2,500 – $10,000
- Realistic amount
- $2,500–$10,000 per business. Most recipients receive the full $10,000. Program is first-come, first-served — early conta…
- Deadline
- 2026 cycle opens May 26; applications accepted until July 31, 2026 at 5 PM ET or until $5M is exhausted — whichever comes first.
- Status
- active
- States
- NY, NJ
- Payment model
- lump sum
Who qualifies
- Business must be located in New York, New Jersey, Puerto Rico, or the U.S. Virgin Islands
- Must be a registered small business (per SBA size guidelines) OR nonprofit with a 501(c)(3) designation and a budget under $20 million
- Business must be a verified startup OR existing entity currently operating (OR has a reasonable plan to resume operations)
- Application must be submitted through a participating FHLBNY member financial institution — businesses cannot apply directly to FHLBNY
- Member institution must certify eligibility — they are responsible for identifying and qualifying recipients
- No minimum revenue requirement stated
- No minimum time in business requirement — startups are explicitly eligible
Hard requirements
- Location restriction: New York, New Jersey, Puerto Rico, or U.S. Virgin Islands
What it covers
Eligible expenses
- Business startup or expansion costs
- Property purchase and land acquisition
- Construction and leasehold improvements
- Equipment and machinery
- Working capital
- Any eligible business expenses per SBRG Program Guidelines
Ineligible expenses
- Personal expenses unrelated to the business
- Businesses outside NY, NJ, Puerto Rico, or USVI
- Businesses that do not meet SBA small business size standards
- Nonprofits with budgets over $20 million
How to apply
-
1
Identify a participating FHLBNY member institution
Contact your local bank, credit union, savings institution, or insurance company in NY, NJ, Puerto Rico, or USVI. Ask if they are a FHLBNY member and if they will be submitting SBRG applications in 2026. Not all members participate — you may need to contact several institutions. The member institution does the actual application work.
~2 hrs
-
2
Confirm eligibility and gather documentation
Work with your participating member institution to confirm your business meets SBRG eligibility: SBA small business definition, located in NY/NJ/PR/USVI, active or viable plan to operate. The member institution retains documentation — it is not submitted to FHLBNY.
~1 hrs
-
3
Member institution submits batch application to FHLBNY (from May 26)
The member institution submits a single application listing up to 20 eligible small businesses to SBRG@fhlbny.com from May 26 onward. This is the member's step — confirm your banker has submitted before funds exhaust. FHLBNY processes on first-come, first-served basis.
~0.5 hrs
-
4
Grant approved and funds disbursed
FHLBNY approves the member institution's application and disburses funds to the member, who then passes them to your business. Timeline from submission to funds in hand typically 2–4 weeks.
~0.5 hrs
The program opens May 26 and is first-come, first-served until $5M is exhausted — contact your bank NOW and ask them to confirm participation before the opening date. Member institutions that are already FHLBNY SBRG participants move fastest. Smaller community banks and credit unions in NY/NJ metro that have existing FHLBNY relationships are your best path.
Deadline & timing
Applications are accepted on a first-come, first-served basis from May 26 through July 31, 2026. Member institutions submit batch applications covering up to 20 small businesses at once. Contact your local bank or credit union immediately — member institutions that already have SBRG relationships process applications fastest. The program has historically sold out before the July 31 deadline.
Programs that stack well
- SBA Microloan Program
- Pursue Cdfi Small Business Loans
- Accion Opportunity Fund — Small Business Loans
- NYC Small Business Services — Small Business Opportunity Fund
Related programs
Last reviewed 2026. GrantCompass is an independent funding-discovery tool and is not affiliated with any government agency. Always confirm details on the official program page.