After meeting all the criteria set by the U.S. Treasury in order to receive funds as part of the national act helping firms expand their operations, the Greek-American Alma Bank received $19 million through the Treasury’s Small Business Lending Fund.
The Fund was created through the Small Business Jobs Act, signed into law by President Barack Obama in September 2010 in an attempt to revitalize the U.S. economy by supporting small businesses and enhancing banks’ lending capacity. Its assets amount to $30 billion and are aimed at providing Community banks with enough capital to financially support local businesses and create new jobs.
These assets will enable Alma Bank to provide more commercial and industrial loans to building and construction companies, stores and other kinds of small businesses, thus boosting both the local and national economy.
Alma Bank is one of the youngest banks that were founded by Greek-American community leaders and local businessmen.
“Alma Bank’s board of directors is mainly staffed by community members and other businessmen, who are extremely aware of the real needs of the area. And this is what makes our bank able to help small businessmen run their business and also assist the general development of all local areas”, pointed out Mr. Stogioglou, VP and Marketing director of Alma Bank.