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Grant from FHLB Dallas Enables Texas Entrepreneur to Provide Clothing for New Mothers

Grant from FHLB Dallas Enables Texas Entrepreneur to Provide Clothing for New Mothers
Some of the best small businesses have been created by entrepreneurs who see a need and build a business that fills that need. That was the case with an OB-GYN in eastern Mississippi. Dr. Pamela Lacy saw a need to provide maternity clothing for moms-to-be in her rural area. So, with the help of a loan and a grant, she was able to open her business, Mom 2 Be, in Columbus, Mississippi.

Lacy was able to secure a loan funded by an Economic Development Program (EDP) advance from the Federal Home Loan Bank of Dallas (FHLB Dallas), and a $6,750 EDPPlus grant from FHLB Dallas. She is the first to admit it all wouldn't have been possible without both the loan and the grant. Now she is able to provide clothing for moms-to-be so they don't have to drive 45 miles to purchase them.

Loan plus grant program

The program is a combination of grants that are awarded in conjunction with EDP advances. Their purpose is to encourage small-business development and the creation of more jobs. The grant comes with training, including the development of a business plan.

FHLB Dallas made $1 million available for EDPPlus grants in 2015 which helped 50 small businesses in the Bank's five-state District. This includes the states of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. A total of $205,955 in EDPPLus grants were awarded to 10 small businesses in 2015 within the state of Mississippi alone.

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