OceanFirst Bank Secures $50,000 in Small Business Recovery Grants from Federal Home Loan Bank to Benefit Ten Local Nonprofit Organizations

Rhea-AI Summary

OceanFirst Bank, a subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC), has secured $50,000 in Small Business Recovery Grants from the Federal Home Loan Bank of New York (FHLBNY) for ten local nonprofit organizations. The grants aim to assist organizations facing economic challenges due to various factors, including inflation and rising energy costs. This year's grants focus on addressing hunger and food insecurity in New Jersey, where nearly one million people are food insecure, a 22% increase from the previous year.

Each of the ten selected organizations received a $5,000 grant. These include Cathedral Soup Kitchen, Community Services Inc of Ocean County, Freehold Area Open Door, Friendly Fridge, Meals on Wheels Mercer, Meals on Wheels of Greater New Brunswick, Mercy Center, Move for Hunger, Love Ministries Outreach, and Lunch Break. The grants will support various initiatives, from providing meals to maintaining efficient kitchen operations for food-insecure families and individuals.

Positive

• OceanFirst Bank secured $50,000 in Small Business Recovery Grants for ten local nonprofit organizations
• The grants support organizations addressing hunger and food insecurity, a growing issue in New Jersey
• OceanFirst Bank demonstrates community engagement and support for local nonprofits

Negative

• None.

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RED BANK, N.J., Oct. 07, 2024 (GLOBE NEWSWIRE) -- OceanFirst Bank N.A. (the “Bank” or “OceanFirst”), a subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC), has helped ten nonprofit organizations in its market area to apply for and obtain Small Business Recovery Grants totaling $50,000 through a program created by the Federal Home Loan Bank of New York (FHLBNY). The grants are designed to assist eligible organizations who have faced economic challenges due to the rate environment, inflation, supply-chain constraints, or rising energy costs.

The ten grants awarded this year will assist nonprofit organizations committed to addressing hunger and food insecurity. Nearly one million people in New Jersey are food insecure, a 22% increase over the previous year, according to Feeding America’s annual Map the Meal Gap study. This includes more than 260,000 children –about 1 in 8. Nationwide, the extra amount of money that people facing hunger say they need to have enough food has reached its highest point in the last 20 years.

“The Small Business Recovery Grant Program is a great opportunity for OceanFirst Bank to help support our local nonprofit partners and the important work they are doing to aid our communities,” said George Destafney, OceanFirst Bank Chief Community Banking Officer. “We are so pleased to be able to assist ten organizations to receive important resources that will benefit our neighbors struggling with food insecurity. Our congratulations and appreciation to the Federal Home Loan Bank of New York for another successful Small Business Recovery Grant round.”

Under the Small Business Recovery Grant Program, banks such as OceanFirst, which are members of the FHLBNY, identify qualified small-business and non-profit customers who are eligible to receive the grant awards.

OceanFirst Bank facilitated Small Business Recovery Grants of $5,000 for each of the following organizations, for a total of $50,000:  

• Cathedral Soup Kitchen, Camden, NJ
• Community Services Inc of Ocean County, Stafford, NJ
• Freehold Area Open Door, Freehold, NJ
• Friendly Fridge, Bronx, NY
• Meals on Wheels Mercer, Pennington, NJ
• Meals on Wheels of Greater New Brunswick, New Brunswick, NJ
• Mercy Center, Asbury Park, NJ
• Move for Hunger, Neptune, NJ
• Love Ministries Outreach, Rancocas, NJ
• Lunch Break, Red Bank, NJ

“Meals on Wheels is thrilled to receive a $5,000 grant from OceanFirst Bank. This incredible support will help us provide more meals and cover essential expenses, continuing our mission to deliver nutritious meals and positively impact our seniors’ lives,” said Shareka Fitz, Executive Director, Meals on Wheels Greater New Brunswick.

Gwendolyn Love, Executive Director, Lunch Break, added, “The $5,000 grant from OceanFirst Bank will help ensure efficient kitchen and pantry operations, providing healthy and nutritious meals to food-insecure families and individuals in our community.”

“Located in the Bronx, a borough with the highest rates of diabetes in the country, the Friendly Fridge BX focuses on rescuing and redirecting healthy foods to share with people from all over the Bronx and Yonkers,” shared Sara Allen, co-founder of Friendly Fridge BX. “With the support of this $5,000 grant from OceanFirst Bank, over 1,800 visitors per week who come in search of healthy food will have access to over 117,000 lbs. of fresh produce over the course of 13 weeks.”

OceanFirst Bank N.A., a subsidiary of OceanFirst Financial Corp. founded in 1902 is a $13.3 billion regional bank providing financial services throughout New Jersey and the major metropolitan areas between Massachusetts and Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst go to www.oceanfirst.com.

Company Contact:
Jill Apito Hewitt
Director Corporate Communications
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 27513
Email: jhewitt@oceanfirst.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/cd41f568-6efb-4e98-8791-c83bf64cb38a

https://www.globenewswire.com/NewsRoom/AttachmentNg/52084880-5502-4eed-a883-14f65b568b62

https://www.globenewswire.com/NewsRoom/AttachmentNg/25669639-69a1-40d8-953c-75a27a3c5ad1

FAQ

How much did OceanFirst Bank (OCFC) secure in Small Business Recovery Grants?

OceanFirst Bank secured $50,000 in Small Business Recovery Grants from the Federal Home Loan Bank of New York.

How many nonprofit organizations received grants through OceanFirst Bank's (OCFC) initiative?

Ten nonprofit organizations received grants through OceanFirst Bank's initiative.

What is the focus of the Small Business Recovery Grants awarded by OceanFirst Bank (OCFC) in 2024?

The grants awarded in 2024 focus on assisting nonprofit organizations committed to addressing hunger and food insecurity.

How much did each nonprofit organization receive from the OceanFirst Bank (OCFC) Small Business Recovery Grants?

Each of the ten selected nonprofit organizations received a $5,000 grant from OceanFirst Bank.