Farmers & Merchants Bank Awards $40,000 in Grants to Support Sixteen Small Businesses for Pandemic Relief

January 04, 2022

 

 

LONG BEACH, CA (January 4, 2022) - Farmers & Merchants Bank (F&M Bank) is pleased to announce the 16 recipients of the 2021 Micro/Small Business Grant Program, each receiving $2,500:

In response to the escalating need for pandemic relief resources, F&M Bank committed $40,000 last year to support local micro or small businesses adversely impacted by COVID-19 who have been forced to make adjustments to stabilize the business while continuing to support the local community. Eligible businesses could apply for a grant up to $5,000, and winners agreed to participate in a follow-up consultation with F&M Bank approximately six months after receiving the grant funds.

Winners were selected from over 600 applicants by a Grants Selection Committee comprised of F&M Bank employees. Preference was given to businesses serving low to moderate income communities and/or those owned by a member of an underrepresented community. Being an F&M Bank client was not a requirement.

The grant funds will be used for necessities, such as: the purchase of a used van for a 24- hour childcare provider serving low income families by providing transportation to and from childcare at no additional cost; covering the cost of pro-bono services for negotiating the reduction of medical bills and finding resources for funding for patients in need; paying a backlog of payroll, utilities, rent and property taxes that resulted in a delay in roof and gutter repair causing flooding in the kitchen of a restaurant; constructing an outdoor training bungalow to facilitate the need for more space due to social distancing guidelines for a vocational dental school; and reinvesting in the small business infrastructure for a locally sourced vegan food product company who has been forced to pivot from Farmers Market sales to an online product to stay afloat.

“Congratulations to the recipients of this year’s grant program,” said Cheryl Ryman, F&M Bank Vice President and Community Reinvestment Act Officer. “We achieved our objective to provide access to funding for small businesses who serve the low-to-moderate income communities within our footprint.”

“Each of us has had to rethink how we conduct business during this pandemic while maintaining balance within our own households,” said Andrea Carlson, F&M Bank Vice President and Fair & Responsible Lending Officer. “I am grateful and proud of our team’s effort to create opportunities that support small businesses in our community.”

“We are honored to be able to assist these small businesses during this uncertain time,” said W. Henry Walker, F&M Bank President. “We believe an investment in our local small businesses is an investment in our economic future.”

For more information on F&M Bank business banking, please visit www.fmb.com/business.

About Farmers & Merchants Bank

Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank provides white-glove service to clients at 25 branches from San Clemente to Santa Barbara, as well as through robust Online and Mobile Banking platforms. The Bank offers commercial and small business banking, business loan programs, home loans, and a robust offering of consumer retail banking products, including checking, savings and youth accounts. Farmers & Merchants Bank is a California state-chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information about F&M, please visit the website, www.fmb.com.