NY state funds help Bronx small businesses thrive

THE BRONX, N.Y. (PIX11) — Millions of dollars from the state are now going to help Bronx small businesses.

A $35 million check was given to a community bank to help them not just survive but thrive thanks to the New York State Comptroller Thomas DiNapoli.

Ponce Bank received funding to take part in what’s called the Banking Development District Program designed to pump much-needed money into underserved communities.

Anthony de Rosa grew up on Castlehill Ave in the Bronx and never thought forty years later the very spot where he opened up his first pizza parlor. He now owns an apartment building of fifty units of new housing.

De Rosa got critical funding and support to make it happen from Ponce Bank and is now giving back to the neighborhood he loves.

He’s the chairman of the Castle Hill Business Improvement District and says dozens of businesses in his neighborhood right now need funding.

The President of Ponce Bank, Carlos Naudon, says he is an immigrant to this country, and came here with very little himself. He says now his primary mission is to help lift other immigrant families to survive and thrive.

Borough president Vanessa Gibson says this money is badly needed and now small business owners will be able to apply for loans and some stay open. New funding means new stories of success says de Rosa.  As he is building his dream he hopes to help others make their own a reality.

Ponce Bank received funding through the Banking Development District Program administered by the New York State Department of Financial Services. The program designed to support the establishment of bank and credit union branches in underserved areas where there is a need for banking services.

To learn more about the Banking Development Program, click here .

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