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Ponce Financial Group, Inc., (the "Company") (NASDAQ:PDLB), the holding company for Ponce Bank (the "Bank"), today announced that the Bank has been awarded a $3.7 million grant from the U.S. Treasury as part of the Community Development Financial Institutions ("CDFI") Equitable Recovery Program ("ERP") which aims to help CDFI's further their mission of helping low and low-to-moderate income communities recover from the impact of Covid-19. The U.S. Treasury indicated that the grant would be disbursed in June 2023 and its utilization would be subject to eligible activities and reporting in accordance with the ERP program.
"There's been a lot of talk lately about which banks are "systemically important" and I think that one just needs to read the purpose of this ERP program to understand that CDFIs like Ponce Bank are not just systemically important; we are critical to a huge swath of our society that isn't supported by the traditional banking system," said Ponce Bank CEO Carlos Naudon. He added, "We proved throughout the pandemic that Community Banks, CDFIs and MDIs are able to strategically deploy capital, where it's needed most, both quickly and efficiently. If that's not systemically important then I'm not sure I understand the term."
$1.73 billion in ERP Awards to 603 CDFIs were announced in Washington DC on Monday by Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo.
"When we invest in community lenders, we help build a future where all people—no matter who they are or where they start—have the resources they need not only to succeed but to thrive," said Vice President Kamala Harris in a U.S. Treasury statement. "These grants—representing the largest CDFI grant program in history—will enable hundreds of community lenders to invest in small businesses and entrepreneurs, and also provide home loans for families, financial services for local nonprofits, and capital for community organizations."
Ponce Bank has a long history of service to low and low-to-moderate income communities that these funds are targeted to support. The Bank was founded in the Bronx in 1960 at a time when most financial institutions had fled the neighborhoods and has grown to serve immigrant communities throughout the greater New York City area with 13 branches and 6 mortgage loan offices in the Bronx, Brooklyn, Queens, Manhattan and Bergenfield and Union City, NJ.
Posted In: PDLB
