Funds Will Be Used To Accelerate Small Business Recovery Efforts
June 30, 2020
WSFS Bank announced a $200,000 donation to four organizations, providing relief grants to help local small businesses within the bank’s footprint impacted by the pandemic.
As the pandemic continues to take an unprecedented toll in the region, many small businesses are struggling to maintain the funding needed to stay in operation, bank officials said. The relief grants will be administered in collaboration with the following local community development financial institutions:
“We are committed to standing up for small businesses,” said Patrick Ward, WSFS Bank Pennsylvania market president. “Small businesses are the backbone of America and often provide support to local communities. Now is our chance to lend a helping hand to them.”
To qualify for the relief grants, businesses must have annual revenue under $500,000; 50 or fewer employees; be open two or more years; preferably be located in a low or moderate-income census tract; independently owned and operated; have experienced negative impact from COVID-19; plan to reopen post-COVID-19 and able to continue operating for the foreseeable future. Grant funds must be used for working capital, purchasing machinery/equipment, improvements/alterations due to COVID-19 and inventory. Grants will be reviewed, recommended and administered by the community development financial institutions. Those seeking a grant should reach out to one of the four partnering institutions in their area.
The WSFS Community Foundation also previously provided $300,000 in grants to 21 local nonprofits engaged in the fight against COVID-19. In addition, WSFS Bank recently made a $3 million contribution to the WSFS Community Foundation to fund future donations throughout its footprint.