PUBLIC BANK NYC AWARDED $276,000 FROM ROSIN FUND
NEW YORK, NY – Public Bank NYC announced today that it has received a three-year, $276,000 grant from the Scherman Foundation’s Katharine S. and Axel G. Rosin Fund. The award supports the coalition’s campaign for a municipal public bank in New York City, and represents the first major grant that Public Bank NYC has received for its members since its launch in summer 2018.
Public Bank NYC will direct the majority of these funds to member-led, base-building groups in the coalition, providing them with needed support to participate and engage members actively in the campaign.
“We are thrilled to receive this critical multi-year funding from the Rosin Fund,” said Sarah Ludwig, founder and co-director of New Economy Project, which will receive and administer the grant on the coalition’s behalf. “The grant will help us continue building an unprecedented coalition of groups that can take on Wall Street and establish the country’s first municipal public bank, firmly rooted in principles of racial, economic and environmental justice.”
“Our foundation recognizes that traditional strategies and structures are insufficient to bring about the change we need,” said Mike Pratt, President and Executive Director of the Scherman Foundation. “We are extremely pleased to support Public Bank NYC. As civic institutions are being dismantled at the federal level, new institutions like a municipal public bank are needed now more than ever.”
About Public Bank NYC
Public Bank NYC is a broad-based coalition of more than two dozen community, cooperative, worker, environmental, and social and economic justice groups. The coalition believes that public money should work for the public good, not for private gain, and it is organizing for the establishment of a municipal public bank as part of a broad vision of racial, economic and environmental justice.
About the Rosin Fund and The Scherman Foundation
The Katharine S. and Axel G. Rosin Fund supports bold projects that test new approaches and ideas to achieve social justice and an equitable New York City. This year, the fund made grants to three innovative, high-impact projects in its Strengthening New York Communities area.