Tuesday, June 28, 2016
How Small Businesses With Under 100 Employees Can Get a Piece of a $1 Million Pie
How it works
The Economic Development Program (EDP) from the Federal Home Loan Bank of Dallas (FHLB Dallas) works with member institutions to fund EDP advances. EDPPlus grants are awarded in conjunction with EDP advances and are available to small businesses located in the Bank’s five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
One small trucking company in Jonesboro, Arkansas, for example, was recently able to get a a $16,000 EDPPlus grant from First Community Bank and FHLB Dallas through the program which enabled them to hire two new employees and provided them with needed working capital. In addition, the program provided the small trucking company with research, industry and market information and even gave them important feedback on their business plan and financial goals.
Who is eligible
The grants are available to for-profit small businesses who have under 100 employees, and are awarded on a first-come, first-served basis to promote and enhance small-business development and job creation. In 2016, FHLB Dallas committed to $1 million for EDP Plus grants.
For more information, visit www.ajot.com/news/16k-small-business-grant-helps-trucking-firm-cover-more-ground