Banking on Astoria’s Small Businesses

We make no secret of our love for Astoria and do our best to keep you in the loop on Astoria businesses. But we were surprised to learn a common thread among several businesses along Broadway: Rather than bank at a big Wall Street bank, they choose to bank local at Quontic Bank on 31st and Broadway. We like it when Astorians keep it local! We’ve passed by Quontic Bank many times before (it’s located literally right next to Starbucks by the Broadway subway stop), but we never really gave it much thought. It kind of blends in with everything going on at that busy intersection.

Apparently there is more than meets the eye. Their Broadway location is not only a bank branch, but the four-story headquarters for Quontic Bank’s entire banking and home mortgage operations, which now spans three states (Florida, Indiana and New York). We think it’s cool a Member FDIC bank is actually headquartered here in Astoria, employing more than 75 people right on Broadway!

Turns out a lot of business owners here in Astoria have long banked at Quontic.

Take the King of Falafel & Shawarma, for example. Freddy says he first started banking with Quontic Bank back when he had a single food truck on Broadway. The opening of his brick-and-mortar restaurant at 30-15 Broadway was one of the most anticipated additions to the neighborhood last year. He continues to expand with a food truck on Ditmars and now LIC. We love an Astoria success story.

Romano’s Famous Pizza has been serving up Astorians pizza and Greek specialties since 1980. Owner Demetrios Kokkiasmenos, whose father originally started the restaurant on 32-21 Broadway, wants people to feel like they’re “having a meal at a friend’s house where everyone knows your name and service is always provided with a smile.” Demetrios says he switched to Quontic Bank because they provide that kind of service.

We learned that Quontic has a special designation from the U.S. Treasury Department, which less than 2 percent of all banks nationwide have, that allows it to focus on providing financial products and services to small businesses. It’s called Community Financial Development Institution. (Very cool)

“We’re proud to bank and lend to a number of businesses around Astoria,” said Steven Schnall, chairman and CEO. “Small businesses are the lifeblood of our community. Watching these local businesses grow and thrive in our neighborhood, knowing we as a community bank played a small part in that, is incredibly rewarding.”

“Astoria is a great neighborhood that, though located in New York City and only a few subway stops from Manhattan, has this amazing sense of community. People that live in Astoria are proud to be from Astoria. Businesses operating in Astoria are proud to be in Astoria. And as a community bank headquartered in Astoria, we are proud to be located and headquartered here too,” Schnall said.

So if you’ve got a budding small business idea, or are interested in going local with your bank. Make sure you stop in and check out Quontic.