WEST MONROE, La.--(BUSINESS WIRE)--Ronald Naron, president of American Crane in West Monroe, Louisiana, is adding to his fleet of cranes, thanks to a $20,000 grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Centric Federal Credit Union (Centric FCU).
A loan from Centric FCU, which was funded by an Economic Development Program (EDP) advance from FHLB Dallas, will help cover operational costs for the small business. An accompanying $20,000 Economic Development Program Plus (EDPPlus) grant will provide a partial down payment for the purchase of a 275-ton crane, the largest crane the company will have in stock.
Noncompetitive EDPPlus grants are awarded in conjunction with EDP advances through FHLB Dallas members, like Centric FCU. The grants are available on a first-come, first-served basis to promote and enhance small business development and job creation. As a result of the grant, American Crane will hire three full-time employees.
“I’ll need someone to operate the crane, as well as someone to drive the trucks and haul crane components to and from jobs,” said Mr. Naron.
Centric FCU CEO Chris Craighead said the EDP advance and EDPPlus grant programs are a great way to access funds for their members and manage interest rate risk.
“The grant is what we refer to in Louisiana as ‘lagniappe.’ It’s a little extra something that makes things better,” said Mr. Craighead. “American Crane is a very deserving company.”
In 2016, FHLB Dallas awarded $1 million in EDPPlus grants in conjunction with EDP advances to 48 businesses in FHLB Dallas’ five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas.
Gustavo Molina, SVP and chief banking operations officer at FHLB Dallas, said the EDP advance and grant programs support economic development activities, which boost the local economy.
“The signature EDPPlus feature of the EDP advance program helps our members make a difference in their communities by helping local businesses expand their reach,” he said. “We’re pleased to partner with Centric FCU in stimulating the local economy.”
Mr. Naron also said his favorite part about working with Centric FCU was that every time he walked through the door, everybody knew his name. He said it felt like a true community financial institution.
“As a financial cooperative, the relationships we have with our members is the core of our existence,” said Mr. Craighead. “We measure our success on theirs.”
About Centric FCU
Centric Federal Credit Union is a member-owned, member-operated and member-managed nonprofit cooperative financial institution with five locations in West Monroe, Monroe and Ruston, Louisiana. For more information, visit mycentric.org.
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 $58.2 billion as of December 31, 2016, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans 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.