DALLAS, Sept. 8, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce it has awarded Greg Stewart a $19,125 economic development grant through Southwest Securities, FSB, in Arlington, Texas.
Mr. Stewart and his son, Brad, are co-owners of the Sears Hometown store in Ruidoso, New Mexico. The EDPPlus grant was used to purchase equipment for a new Sears Hometown store that the two recently opened in Alamogordo, New Mexico. Sears Hometown stores are a franchise of the Sears Corporation, but operate independently as smaller, more specialized stores selling tools and appliances.
The grant was awarded under FHLB Dallas's EDPPlus program, which operates through member financial institutions on a noncompetitive, first-come, first-served basis, and offers grant money in conjunction with a favorably priced loan for the development of local business in underserved or revitalized areas. An Economic Development Program (EDP) loan was issued through Southwest Securities, FSB, allowing Mr. Stewart to qualify for the accompanying grant.
"This is our second Sears Hometown to open, and each time we received funding through the FHLB Dallas EDPPlus program," said Brad Stewart. "We saw consumer demand in Alamogordo, which is why we chose to open another location."
Lance Donathan, Vice President of Southwest Securities, FSB, assisted Mr. Stewart in securing the EDP loan and accompanying EDPPlus grant. He added that the establishment of the second store created 12 jobs for the people of Alamogordo and surrounding communities.
"Alamogordo can't afford big department store chains, so the Sears Hometown stores are perfect for smaller, rural communities," said Mr. Donathan. "It's nice to have the Federal Home Loan Bank of Dallas available to help small businesses reach the rural communities. This project met a demand and added additional jobs to a community that really needed the benefit of employment."
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. The Bank, with total assets of $72.1 billion as of June 30, 2009, 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 Bank's web site at fhlb.com.
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