U.S. treasurer extols lending

The Times Ledger wrote about U.S. Treasurer Rios' visit to Astoria to note the impact of the initiatives the Obama administration is taking towards the nation's economic recovery. Senator Gianaris commended the usage of the local bank's federal grant to support the small businesses in Queens.

U.S. Treasurer Rosa “Rosie” Gumataotao Rios and U.S. Rep. Joseph Crowley (D-Jackson Heights) visited Astoria’s Alma Bank to tout a $19 million grant the bank received from the federal government to lend to small businesses near its locations throughout the city and in New Jersey.

“We’re pleased to see Alma Bank putting that capital to work right here in Queens,” Rios said.

 [...]

State Sen. Michael Gianaris (D-Astoria) said Rios’ visit is an example of how President Barack Obama’s administration is investing in economic recovery and that the federal government has a role to play in incentivizing banks that have begun lending.

“The government intelligently is investing in these types of programs,” he said.

 Read the full article here.