NEW YORK, April 9, 2020 /PRNewswire/ — Quontic, the adaptive digital bank, announces the launch of #BeTheDrawbridge, a GoFundMe campaign designed to help relieve the extreme financial pressures suffered by small businesses impacted by COVID-19 in the New York City area during this unprecedented crisis. The fund will provide grants that do not have to be repaid so New York businesses can reopen when it is safe and their families are taken care of. Small businesses such as restaurants, shop owners, taxi drivers, and the self-employed impacted by COVID-19 are eligible for #BeTheDrawbridge relief. The campaign offers rapid financial relief to New Yorkers who are still waiting for small business loans or unemployment funds without the requirement of W-2s or previous income tax statements.

The mission of Quontic, a federally chartered community bank and U.S. Treasury designated Community Development Financial Institution (CDFI), is to lend to low-income individuals, many of whom are small business owners and immigrants and reside in low-income communities. Quontic is leading the charge in New York to provide much needed financial assistance to these hard-working small business owners impacted by the pandemic. The Quontic #BeTheDrawbridge GoFundMe campaign seeks to raise funds to bridge the moat for these affected businesses in two ways:

1. #BeTheDrawbridge GoFundMe Campaign – Quontic launches a GoFundMe campaign to enable individuals to make direct donations to the #BeTheDrawbridge cause.
2. Drawbridge Savings Account – Quontic Bank launches a new Drawbridge Savings Account which will pay depositors a .50% APY (nearly three times the national average) on balances through $250,000. Quontic will match the interest paid on these accounts as a donation towards the #BeTheDrawbridge campaign until the end of 2020.

This program is designed to supplement the well-intended government promoted mortgage deferrals and small business assistance that, while extremely helpful, may not bridge the entirety of the financial assistance so many will need. The fund starts in New York to first help small businesses in the epicenter of this crisis and may be expanded nationally as other communities are impacted by COVID-19 closures. Social distancing is required for health and safety but New Yorkers are a very connected community and care about helping those most impacted by the pandemic. Remote workers have the opportunity to show their support by direct donations to the #BeTheDrawbridge Campaign or to open a Drawbridge saving account online in less than 3 minutes and put their money to work to support New York’s small business community. Applicants are eligible to apply if they can prove New York City residency, describe the hardship faced by COVID-19 with a short online application here. Funds will be dispersed weekly in increments of $500 per applicant for the rest of 2020; higher donations help more needy NYC residents.

“Small business owners and hard-working American families are the foundation upon which America was built and continues to thrive,” shares Steven Schnall, CEO of Quontic. “We need to be mindful of these important workers who are running the local bakery, driving taxis or other businesses that have been impacted by this unprecedented pandemic. So many of Quontic’s customers in the NYC area and nationally are already asking for relief. Quontic is headquartered in New York City, an epicenter of the coronavirus, where so many of these vulnerable people who are the backbone of our society urgently need our help. We must lend a helping hand even if we are confined to our homes for public health and safety.”

For additional information and rules about #BeTheDrawbridge or to make a donation, please visit: bethedrawbridge.com