Legislature Corner: Senator Is Grateful for Small Business Recovery Grants

Sen. Donna Frett-Gregory (Photo by Barry Leerdam)

Sen. Donna A. Frett-Gregory, the chairperson of the 35th Legislature’s Committee on Budget, Appropriations and Finance, expressed her gratitude to Merchants Commercial Bank and the Federal Home Loan Bank of New York (FHLBNY) for distributing $50,000 in Small Business Recovery Grants to five local small businesses.

“The Federal Home Loan Bank System was created by Congress as a government-sponsored enterprise to support mortgage lending and related community investment,” said Sen. Frett-Greogry. “Earlier this year, I sponsored Bill No. 35-0026, now Act No. 8714, which allowed the FHLBNY to expand its footprint in the territory. During the committee hearings, when queried by the committee chair, FHLBNY committed to providing resources to banks and insurers in the territory, and it is gratifying to witness their words become reality through this partnership with Merchants Commercial Bank, and we encourage other financial institutions to follow suit,” concluded Frett-Gregory.

The mission of the FHLBNY is to advance housing opportunities and local community development by maximizing the capacity of community-based member lenders to serve their markets.

The FHLBNY meets their mission by providing its members with access to economical wholesale credit and assistance through their credit products, mortgage finance program, housing and community lending programs, and correspondent services to increase the availability of home finance to families of all incomes.

Senator Donna A. Frett-Gregory is a member of the 35th Legislature of the United States Virgin Islands.