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Wednesday, September 5, 2012

Small Business Grant Program Supports Texas Business Owners

Federal Home Loan Bank of Dallas
A small business owner in Gonzales, Texas had a dream to open a restaurant in the historic town center area. With the help of a small business grant from Lone Star Bank and the Federal Home Loan Bank of Dallas, she was able to fulfill her dream in less than a year.

The restaurant owner received a small loan from Lone Star Bank which was funded by an Economic Development Program (EDP) advance from the Federal Home Loan Bank (FHLB)of Dallas. This qualified the small business owner for a grant from FHLB. With the financial support of the loan and the grant, she was able to complete needed renovations on the historic restaurant building and purchase equipment and supplies.

Lone Star Bank is a member bank of FHLB. Funding from FHLB enables member banks to fund economic development projects and community revitalization efforts. The Small Business Grant Program is designed to combine both EDP advances along with EDPPlus grants. Small businesses may use the grant funds to buy, build or expand a building, and purchase machinery and equipment.

FHLB of Dallas supports community development projects and has awarded more than $10.6 million in EDPPlus grants. The Small Business Grant Program has benefited many small business owners and also encouraged more community development projects in areas served by member institutions.

For more information, visit www.fhlb.com/community/cip_edpplus.html#Program

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