By : MarketWatch.com
Source : http://www.marketwatch.com
Category : Small Business Grant
A $25,000 Economic Development Program Plus (EDPPlus) grant was awarded by Southern Bancorp Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) to help aspiring entrepreneur Hazel Dillehay accomplish her dream of owning a small business.
Ms. Dillehay purchased Hot Springs Medical Rentals during the summer of 2011 with financial assistance through Southern Bancorp Bank. With assistance from Brad Taylor, senior vice president at Southern Bancorp Bank, Ms. Dillehay was approved for a loan from Southern Bancorp, which was funded by an Economic Development Program (EDP) advance from FHLB Dallas. She also qualified for an accompanying $25,000 EDPPlus grant to assist with purchase and start-up costs.
The EDP provides favorably priced advances to FHLB Dallas member institutions, such as Southern Bancorp Bank, to support economic development and community revitalization projects that qualify by location, income, or targeted services. If a member institution is approved for an EDP advance, the member's customer may then be eligible for an accompanying EDPPlus grant. EDPPlus grants are noncompetitive and available on a first-come, first-served basis to promote and enhance small business development and job creation in underserved areas or to underserved populations. FHLB Dallas has made available $1 million in EDPPlus grant funds in 2012.
"The EDPPlus program allows Southern Bancorp to inject additional cash into local businesses, which makes them potentially more profitable," said Mr. Taylor. "We are always happy to help small businesses when the opportunity arises, and this program can have a significant impact in helping business owners with start-up expenses."
Within the first two months of operation, Ms. Dillehay expanded her product offerings and hired three additional employees. Hot Springs Medical Rentals distributes hospital beds, wheelchairs, walkers, electric scooters, back braces, uniforms for hospital personnel, and diabetic supplies. Ms. Dillehay has also extended the hours of operation to include Saturdays, which she said is essential for busy hospital personnel who often shop at her store for uniforms and supplies.
"I tried to start a similar business years ago, but just didn't have the capital to get it up and running," said Ms. Dillehay. "When the opportunity arose to purchase Hot Springs Medical Rentals, the EDPPlus grant gave me a huge advantage financially, rather than trying to build the business from the ground up like I did last time. Within the first six months, the business has taken off, and we are growing faster than I ever imagined. I feel very blessed to have received such support from Southern Bancorp Bank in order to get started."
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $31.4 billion as of September 30, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
Source : http://www.marketwatch.com/story/edpplus-grant-helps-hot-springs-business-owner-purchase-and-expand-an-existing-business-2012-02-21
Source : http://www.marketwatch.com
Category : Small Business Grant
A $25,000 Economic Development Program Plus (EDPPlus) grant was awarded by Southern Bancorp Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) to help aspiring entrepreneur Hazel Dillehay accomplish her dream of owning a small business.
Ms. Dillehay purchased Hot Springs Medical Rentals during the summer of 2011 with financial assistance through Southern Bancorp Bank. With assistance from Brad Taylor, senior vice president at Southern Bancorp Bank, Ms. Dillehay was approved for a loan from Southern Bancorp, which was funded by an Economic Development Program (EDP) advance from FHLB Dallas. She also qualified for an accompanying $25,000 EDPPlus grant to assist with purchase and start-up costs.
The EDP provides favorably priced advances to FHLB Dallas member institutions, such as Southern Bancorp Bank, to support economic development and community revitalization projects that qualify by location, income, or targeted services. If a member institution is approved for an EDP advance, the member's customer may then be eligible for an accompanying EDPPlus grant. EDPPlus grants are noncompetitive and available on a first-come, first-served basis to promote and enhance small business development and job creation in underserved areas or to underserved populations. FHLB Dallas has made available $1 million in EDPPlus grant funds in 2012.
"The EDPPlus program allows Southern Bancorp to inject additional cash into local businesses, which makes them potentially more profitable," said Mr. Taylor. "We are always happy to help small businesses when the opportunity arises, and this program can have a significant impact in helping business owners with start-up expenses."
Within the first two months of operation, Ms. Dillehay expanded her product offerings and hired three additional employees. Hot Springs Medical Rentals distributes hospital beds, wheelchairs, walkers, electric scooters, back braces, uniforms for hospital personnel, and diabetic supplies. Ms. Dillehay has also extended the hours of operation to include Saturdays, which she said is essential for busy hospital personnel who often shop at her store for uniforms and supplies.
"I tried to start a similar business years ago, but just didn't have the capital to get it up and running," said Ms. Dillehay. "When the opportunity arose to purchase Hot Springs Medical Rentals, the EDPPlus grant gave me a huge advantage financially, rather than trying to build the business from the ground up like I did last time. Within the first six months, the business has taken off, and we are growing faster than I ever imagined. I feel very blessed to have received such support from Southern Bancorp Bank in order to get started."
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $31.4 billion as of September 30, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
Source : http://www.marketwatch.com/story/edpplus-grant-helps-hot-springs-business-owner-purchase-and-expand-an-existing-business-2012-02-21
