Area organizations receive donations from WSFS Bank

Funding will help provide grants to help those impacted by coronavirus

WILMNGTON, DEL. » WSFS Bank is making a $200,000 donation to four organizations across the region, to provide relief grants to help local, small businesses impacted by the coronavirus pandemic.

As the pandemic continues to take an unprecedented toll on businesses in the region, many small businesses are struggling to maintain the funding needed to stay in operation, according to the company.

The relief grants will be administered in collaboration with the following local community development financial institutions (CDFIs) across the Greater Philadelphia Region:

• Chester County Chamber of Business & Industry/Chester County Community & Economic Development Corporation (Chester County)

• Entrepreneur Works Fund (Bucks, Delaware, Montgomery and Philadelphia counties)

• Cooperative Business Assistance Corporation (Burlington and Camden Counties, N.J.)

• True Access Capital (Delaware).

“We are committed to standing up for small businesses,” Patrick Ward, WSFS Bank Pennsylvania Market president, said in a press release. “Small businesses are the backbone of America and often provide support to local communities. Now is our chance to lend a helping hand to them.”

To qualify for the relief grants, businesses must have annual revenue under $500,000; 50 or fewer employees; be open two or more years; preferably be located in a low or moderate-income (LMI) census tract; independently owned and operated; have experienced negative impact from COVID-19; plan to reopen post-COVID-19 and able to continue operating for the foreseeable future.

The grant funds must be used for working capital, purchasing machinery/equipment, improvements/alterations due to COVID-19 and inventory.

Grants will be reviewed, recommended and administered by the local community development financial institutions.