SBNDC receives PPP funding with help from Dedham Savings Bank

South Boston Neighborhood Development Corporation (SBNDC) is pleased to announce that it was awarded first- and second-round funding through the Paycheck Protection Program (PPP). Dedham Savings Bank processed the nonprofit organization’s PPP applications and provided valuable assistance throughout the process.  

This funding will allow SBNDC to continue its services providing affordable housing, access to fresh produce, and economic development and small business support, in spite of the financial challenges caused by the pandemic.

“The PPP loans provided tremendous help to SBNDC, at a time when we were trying to do more with less,” said SBNDC Executive Director Donna Brown. “We are so grateful to Dedham Savings for assisting us with the application process.”

The pandemic came at a particularly challenging time for SBNDC. Construction of 46 new homes for seniors at O’Connor Way was nearing completion, representing a 35% growth in SBNDC’s housing portfolio and a need to hire additional staff. At the same time, the pandemic caused construction delays, significantly increased costs, and reduced tenant incomes while increasing their expenses – all of which impacted SBNDC’s budget.

Brown said the PPP loans made it possible for SBNDC to maintain day-to-day operations, move ahead with hiring plans, and redirect some resources to provide emergency assistance to tenants and community members throughout the pandemic.

Dedham Savings has been a longtime supporter of affordable housing in South Boston and recently financed SBNDC’s conversion of market-rate apartments into permanently affordable homes. In 2020, the Dedham Savings Community Foundation awarded SBNDC with a $25,000 grant to help reduce energy consumption and costs at two of SBNDC’s affordable multifamily properties.

SBNDC is South Boston’s nonprofit affordable housing and community development organization. SBNDC currently owns and manages more than 160 affordable homes, provides housing counseling to residents, operates the South Boston Farmers Market and the Chamber of Commerce, and organizes the South Boston Street Festival, Taste of South Boston, and the Christmas and Spring Strolls. Visit www.sbndc.org to learn more.