NVE Bank awards $100K in grants to nonprofits hurt by COVID

NVE Bank announced this week that it has awarded grants totaling $100,000 to 10 Bergen County nonprofits affected by the COVID-19 pandemic.

The bank, which has 11 branches in the county, said each organization received $10,000.

The recipients are based in Bergenfield, Closter, Cresskill, Englewood, Hillsdale, Leonia, New Milford and Tenafly, and support efforts including education, food insecurity, home repair for low-income households, nature preservation and faith-based initiatives.

“As a community mutual bank, our mission is to ensure the people and organizations in the nine towns we serve remain strong, even in these difficult times,” CEO and President Robert Rey said in a prepared statement. “We do not issue stock or exist to maximize investor returns for Wall Street, which allows us to focus on serving our customers and community.

“Our goal with these grants is to help those that help our communities. For many of these organizations, large portions of their revenue are secured through fundraising programs and events that were canceled due to the pandemic. NVE is thankful to be able to help them get back on track by providing these grants.”

The organizations can use the funds — provided in conjunction with the FHLBNY SBRG program — to help overcome revenue decreases or unexpected expenses related to the pandemic. They must use the money for specific purposes, such as pandemic compliance, reconfiguring spaces or rehiring employees.

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