RYE, NY (December 16, 2024) – USAlliance Federal Credit Union (dba USALLIANCE Financial) has awarded the Small Business Recovery Grant (SBRG) to three local businesses in partnership with the Federal Home Loan Bank of New York (FHLBNY). The SBRG program, designed to aid small businesses and non-profits, distributed grants to FHLBNY member banks in support of enterprises encountering economic challenges. As a cooperative credit union, USALLIANCE is proud to support the small businesses and non-profit organizations that continue to help drive our communities in the face of inflation, supply chain constraints, rising costs, and other economic obstacles.
USALLIANCE’s Port Chester branch awarded two grants to local businesses. The first was awarded to JMJ Bakery Services Inc. JMJ Bakery Services Inc. was established in 1997 in Port Chester, NY. John Munnick, Distributor, has been in the customer service business for 27 years, distributing bakery goods to local delicatessens, restaurants, pizzerias, and grocery stores. While the business has remained consistent for many years, it took a turn during the COVID-19 pandemic when many of his business customers were forced to shut down, some never to reopen. In recent years, the rising cost of goods and high interest rates have made it challenging to sustain profitability. Munnick showed appreciation for the funds, saying, "Thank you for the opportunity to receive this grant. It will go towards upgrading my equipment and assisting in operating costs so that I may continue to serve local businesses."
The second Port Chester recipient was Teran Services, Inc., a family owned and operated painting business established in March 2002 by owenr Albino Teran. Teran Services is based in New Rochelle, NY. With 22 years of trusted experience serving the community with interior & exterior painting and power washing.Teran Services, Inc. is Lead Safe Certified, fully licensed, and fully insured with a high quality of work. Teran, the owner, personally supervises all jobs and ensures his team of painters is friendly, courteous, dependable, and neat. "We take pride in our work, and it shows," says Teran. He is committed to providing his community with first class work and customer service at a reasonable price.
Our Bronx branch also awarded a grant to a well-deserving business within their community, The Bronx is Blooming, a Bronx-based nonprofit dedicated to environmental stewardship, youth leadership development, and community building. Since 2011, the mission of The Bronx is Blooming (BiB) has been to grow and support a culture of environmental stewardship in the Bronx. BiB inspires communities to advocate for their parkland as well as promote civic engagement, youth development, and community building. Jennifer Beaugrand, CEO & Founder of BiB, stated, "Our programs allow Bronx residents to drive change in their neighborhoods. We work to cultivate a community of protectors of natural resources in the Bronx."
Each of the three grant recipients were awarded $10,000 to help weather economic challenges and move their businesses forward so they can continue to be a vital part of the fabric of their communities.
Below are images from our branches, as they presented these funds to these well-deserving businesses! Congratulations!
John Munnick III, Distributor of JMJ Bakery Services, Inc. pictured with Gennaro Mazzella, Manager II, Port Chester Branch.
Albino Teran, Owner Teran Services, Inc. pictured with Gennaro Mazzella, Manager II, Port Chester Branch
Jennifer Beaugrand, CEO & Founder of The Bronx is Blooming and Jose Concepcion, Bronx & Wayne Branch Manager
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About USALLIANCE Financial
USALLIANCE Financial is a member-owned, not-for-profit financial institution offering a full range of checking, savings, and loan products. Since its inception in 1966, USALLIANCE has grown to over $3 billion in assets and serves more than 150,000 members nationwide. Membership at USALLIANCE is centered around providing access to cooperative banking solutions for various community charters, a multitude of employee groups, as well as charitable organizations, and houses of worship. For more information, please visit www.usalliance.org.