Supporting Our Local Small Businesses and Veterans Across the North Country
Supporting Local Small Businesses Through Federal Grant Funding
This year, our credit union secured $45,000 in Federal Home Loan Bank grant funding for local small businesses, the first achievement of its kind in our 78-year history. Eight local employers with the greatest need received support, giving them room to manage rising costs, maintain stability, and plan during a challenging economic period. This funding has helped reinforce both the resilience of these businesses and the long-term health of our regional economy.
This initiative also highlights the value of membership. Because the grants were made available through a partnership that directly benefits our business members, we were able to deliver meaningful support to the employers who bank with Adirondack Regional FCU.
President and CEO Basel Farhat shared the broader impact:
“The U.S. Small Business Administration reports that small businesses employ nearly half of America’s workforce, making their financial health essential to the national economy. In a high-rate environment, many small businesses in rural and tourism-driven markets face unique liquidity pressures. For the first time in our credit union’s history, we secured $45,000 in Federal Home Loan Bank grant funding, which allowed us to strengthen eight local employers, giving them room to manage higher costs, plan confidently, and remain resilient through economic shifts. It’s a model of how local financial institutions can use federal resources to deliver meaningful community-level impact.”
Expanding Our Commitment to Local Veterans
As a credit union founded by veterans, we remain dedicated to serving those who have served our country. This year, we expanded that commitment through the introduction of our Veterans Loan Benefit Program, designed to offer eligible veterans a straightforward, supportive path to financing and financial guidance. We also contributed to the Tupper Lake Veterans of Foreign Wars (VFW), further strengthening our relationship with the veteran community.
Basel Farhat explained the significance of this work:
"According to the U.S. Department of Veterans Affairs, millions of veterans nationwide live with service-connected disabilities or financial vulnerabilities that affect their long-term stability. Our Veterans Loan Program was built to respond to that national need, providing fair, responsible financing and financial guidance to veterans who are eligible to join our credit union. The program’s structure is one that community lenders across the country can easily adapt to support veterans in their own regions. Our additional support for local partners, including our recent contribution to the Tupper Lake VFW, reinforces our commitment to the people who have served this nation.”
Strengthening the Credit Union for the Future
Board Chair Brian Dukett recognized the leadership behind these accomplishments:
“This year has been one of the strongest in our credit union’s 78-year history, and that’s a direct result of Basel’s leadership. Under his direction, the credit union strengthened its capital position, expanded member services, delivered record financial returns, and launched programs that address real community needs, from veterans to small businesses. His strategic approach has elevated the credit union and positioned us for long-term stability and growth, and the Board is proud of the direction he is leading us.”
Continuing Our Mission Across the North Country
These milestones reflect Adirondack Regional FCU’s ongoing work to support local employers, veterans, families, and community organizations. We remain committed to expanding programs that provide meaningful value to members and strengthen the North Country as a whole.