DALLAS--(BUSINESS WIRE)--The Business Assistance Center (BAC), an Oak Cliff, Texas-based nonprofit, has been awarded a $21,000 grant through the Partnership Grant Program (PGP) from the Federal Home Loan Bank of Dallas (FHLB Dallas) and FHLB Dallas member institution, Comerica Bank. The grant was presented to BAC at a ceremonious check presentation today in Dallas. It marks the third PGP grant to the organization, which received $30,000 in two PGP grants in 2009 and 2012, bringing its total grants to $51,000 to date.
The BAC will use the 2017 grant to support its Micro-Enterprise Training/Incubation program. A “micro-enterprise” is a local business established through a small investment that employs 10 people or less.
“Through their collective commitment to the Oak Cliff community, the Business Assistance Center, Comerica Bank and Federal Home Loan Bank of Dallas serve as a model for effective community investment,” said Dallas Mayor Mike Rawlings. “I applaud this effort and thank the BAC, Comerica Bank and FHLB Dallas for serving the citizens of Oak Cliff.”
Through the PGP, FHLB Dallas member institutions contribute $500 up to $4,000 to a community-based organization (CBO). FHLB Dallas matches the contributions at a 3:1 ratio, which provide up to $12,000 in grant money to a CBO.
“We are grateful to FHLB Dallas and Comerica Bank for their outreach efforts,” said BAC President and CEO Van Howard. “Without this funding, we would have been delayed in our ability to help low- to moderate-income individuals start their own businesses. In turn, this would have hindered the creation of up to 15 jobs within southern Oak Cliff, which is in need of new job opportunities.”
Ken Green, president of Green & Associates, is one of thousands of individuals and business owners helped by the program. Mr. Green founded his firm in 2005, which today continues to provide youth and adults with life skills and personal development training.
“The technical assistance and business coaching that I received and continue to receive in launching my personal development and life skills venture was, without question, pivotal in my getting off to a solid start from a sound business operations and positioning standpoint,” he said.
PGP grants are offered annually through FHLB Dallas’ member institutions. Funds may be used for research, organizational capacity-building, grant- and funding-application assistance or contractual services.
“Through its community service and development programs, the BAC has made a significant difference in thousands of lives since its founding,” said Lueretha Slack, vice president of Corporate Public Affairs, Community Reinvestment and North Texas CRA market manager at Comerica Bank. “We appreciate the availability of PGP funds from FHLB Dallas to exponentially increase our impact within Dallas, our headquarters and hometown.”
A region comprised of 34 diverse neighborhoods in southwest Dallas County, Oak Cliff’s population in 2016 totaled 275,381 people, according to U.S. Census reports.
“The unique structure of the PGP allows member institutions to substantially increase their contribution through the PGP’s 3:1 match,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We value our partnership with Comerica Bank and the tangible benefits that will be created for the BAC through this grant.”
In 2016, FHLB Dallas awarded $225,000 in PGP funds to assist 23 CBOs. Combined with the $96,200 from member institutions, a total of $321,200 was awarded last year.
About Comerica Bank
Comerica Bank is a commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $73 billion at December 31, 2016. To find us on Facebook, please visit www.facebook.com/Comerica. Follow Comerica on Twitter at @ComericaCares and follow Comerica Chief Economist Robert Dye on Twitter at @Comerica_Econ.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $58.4 billion as of September 30, 2016, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.