May 12, 2020 – SAN FRANCISCO, CA – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is making $1.8 million in matching funds available to member financial institutions donating to nonprofits or contributing to local small businesses in response to the escalating economic impact of the COVID-19 pandemic on the communities they serve.
FHLBank San Francisco is a cooperatively-owned wholesale bank whose members are commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions headquartered in Arizona, California, and Nevada. Members accessing the matching fund can directly assist their choice of local nonprofits and essential small businesses – organizations that may be struggling to survive during this difficult and uncertain time.
“Our COVID-19 matching fund is flexible and quick and easy for our members to access to meet urgent needs in the communities they serve,” said Marietta Nunez, Senior Vice President and Community Investment Officer at FHLBank San Francisco. “We are pleased to be able to partner with our members as they make contributions that will make a meaningful difference to vital relief and recovery efforts.”
With specific needs varying by community and rapidly evolving, FHLBank San Francisco’s matching funds can boost a variety of donations and contributions a member makes to a small business or nonprofit, including those that:
- support small businesses by providing direct grants, zero interest loans, and online technical assistance.
- meet the needs of vulnerable individuals for food, personal protective equipment, or rental or shelter assistance, including providing hotel rooms for nonprofit staff, homeless seniors, and others who must self-isolate.
- support healthcare and other frontline workers by covering staff costs and food assistance at childcare centers.
- provide financial assistance to recently unemployed individuals and their families in need of wage support.
To make it possible for all of FHLBank San Francisco’s more than 300 members to receive matching funds, the per member limit for matching funds is $5,000. Members can access the match funding through the end of the year.
The matching fund is one of a slate of new or enhanced funding tools and grants that members can use to meet the urgent and longer-term needs of their customers and communities. Learn more at fhlbsf.com
Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The resources and tools we provide to our member financial institutions–commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions–foster homeownership, expand access to quality housing, seed or sustain small businesses, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.