BRIDGEPORT, Conn., Dec. 21, 2020 /PRNewswire/ — The People’s United Community Foundation (PUCF) and People’s United Community Foundation of Eastern Massachusetts (PUCF of Eastern MA), the philanthropic arms of People’s United Bank, N.A. (NASDAQ: PBCT), announced that it has awarded more than $3.95 million to over 600 non-profit organizations in 2020.
COVID-19 has had a significant impact on local communities, particularly among underserved populations that have been disproportionately impacted. The Foundations’ grants were focused on supporting nonprofit partners in COVID-19 relief and recovery efforts including expediting grants, providing additional funding support, and investing in COVID-19 Relief Funds. In addition, grant application deadlines were extended, grants were converted to general operating support, and reporting requirements were eased to reduce the burden on nonprofits.
“We realized early on how important it was to adapt and be flexible to help nonprofits respond to the needs and challenges brought on by the pandemic,” said Karen Galbo, Executive Director of PUCF and PUCF of Eastern MA. “This work took extraordinary dedication, creative approaches, and an incredible amount of time and compassion. We thank all our community partners for their perseverance and resiliency in navigating this year’s unique challenges.”
Foundation grants helped to address an increase in demand for food assistance, allowed nonprofits to pivot to virtual programming and the continuation of vital support services, and provided aid to families experiencing financial hardship. In addition, funding supported unbudgeted expenses such as PPE, sanitization supplies, and the implementation of new technology and investments in infrastructure.
Funding was distributed in alignment with the Foundations’ primary focus areas. Fifty-five percent was allocated to community and economic development, 29% to youth development, and 16% to affordable housing initiatives through PUCF. In addition, 39% was allocated to social, health, and youth services, 29% to education, 20% to low and moderate income, 11% to affordable housing, and 1% to arts and culture through PUCF of Eastern MA.
For a list of PUCF and PUCF of Eastern MA grants recipients, please visit www.peoples.com/foundations.
About People’s United Community Foundation and People’s United Community Foundation of Eastern MA:
People’s United Community Foundation and People’s United Community Foundation of Eastern Massachusetts, operating independently from People’s United Bank, provide grants for programs and services that improve the quality of life for residents in the neighborhoods served by People’s United Bank. People’s United Bank, N.A. is a subsidiary of People’s United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with approximately $61 billion in assets. Founded in 1842, People’s United Bank offers commercial and retail banking through a network of more than 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management solutions.
SOURCE People’s United Bank