This is not just a success story but a story that should give more women-owned businesses hope that they can find financial assistance for their small businesses. Grants are of particular help because they represent money that does not have to be paid back.Recently, a woman in Mississippi wanted to start her own small business and contacted the Small Business Administration (SBA) for help. That was a good step in the right direction because not only did she get a low-cost loan but the SBA also told her about the EDP Plus grant program. As a result, she received a grant of $6,375. The money helped her with start-up costs to get her business up and running.
The program offered through Federal Home Loan Bank (FHLB) member banks works by combining both an Economic Development Program (EDP) loan with an Economic Development Program Plus (EDPPlus) grant. The program is available to small businesses located in underserved areas and underserved populations. Its purpose is to increase business development and jobs in these areas. The EDPPlus grants are available through FHLB Dallas member institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas.
This entrepreneur was able to use the grant money to acquire a building and purchase inventory. She acted quickly to locate a local bank who was a member of FHLB, contacted them, and was approved. The local bank president said that the process was very smooth.
For more information, visit www.fhlb.com/community/cip_edpplus.html
