WHARTON, Texas--(BUSINESS WIRE)--Representatives from Woodforest National Bank, the Federal Home Loan Bank of Dallas (FHLB Dallas) and BCL of Texas today announced $60,000 in Small Business Recovery grants to assist four Wharton, Texas, businesses with hurricane recovery efforts.
It’s been more than three months since Hurricane Harvey made landfall in Texas, dropping as much as 52 inches of rain on Southeast Texas and the Gulf Coast. FHLB Dallas made available to members, like Woodforest National Bank, $6.7 million in recovery grants, including $2.25 million in Small Business Recovery grants to assist small businesses with rebuilding and/or repairs.
In the months that followed the August storm, Woodforest National Bank has utilized a total of $90,000 in Small Business Recovery grants to help six small businesses across Texas, including the $60,000 awarded in the Wharton area.
“Working with FHLB Dallas and BCL of Texas to make these grant funds possible is a solid step to rebuilding small businesses that are cornerstones of our communities. Being a member of FHLB Dallas gives Woodforest more dynamism, and their support is critical for our continued revitalization efforts,” said Woodforest National Bank CRA Executive Director and EVP Doug Schaeffer.
Several of the small business owners who received grants attended a check presentation today, where they were joined by Wharton Mayor Tim Baker and City Manager Andres Garza.
Felicia Matthews, the owner of Matthews Funeral Home, was among those in attendance. The funeral home, which celebrated its 30-year anniversary in August, had a foot of water in the building following the hurricane. The floors were warped, sheetrock had to be replaced and the furniture in the offices and foyer were destroyed. Luckily, the embalming room was accessible and was operational within a few weeks of the hurricane. Ms. Matthews learned of the grants while at an economic development meeting.
“I was very excited when I was selected to be one of the grant recipients,” she said. “The grant made a big difference. It put a nice dent in the repair costs and it was a great kick start to help get some things done that initially I was not able to get done. You have to have a certain amount of cash flow to have a contractor come out and get started, and because of the grant, we were able to purchase materials for flooring and sheetrock and insulation; we were able to get some things moving.”
BCL of Texas, an Austin-based Community Development Financial Institution (CDFI) assisted Woodforest National Bank in identifying qualified grant applicants.
“Working together, BCL of Texas, Woodforest National Bank and the Federal Home Loan Bank of Dallas delivered recovery grants to Wharton businesses needing urgent disaster relief,” said BCL of Texas President and CEO Rosa Ríos Valdez. “Good things are possible when banks and economic development firms make small business a priority. As a statewide CDFI, BCL was able to respond quickly and to facilitate the grant applications with Woodforest National Bank with great success. A big salute to all who made the FHLB Dallas Small Business Recovery grants a success.”
Matthews Funeral Home, Homeboy Food Mart, Circle A Rentals and Kapeesh Marketing, LLC each received $15,000 in Small Business Recovery grants. The grants are available through FHLB Dallas member institutions, like Woodforest National Bank, to assist small business owners that are in counties that have been designated for Individual Assistance by FEMA. The funds are intended to assist with reasonable and necessary expenses to repair or rebuild the business that are not otherwise covered by insurance or other reimbursement.
“Ensuring the success of small businesses is vital to stimulating the local economy,” said FHLB Dallas First Vice President and Director of Community Investment Greg Hettrick. “We’re proud to partner with Woodforest National Bank in assisting local businesses in reopening their doors to serve this community.”
About Woodforest National Bank
Celebrating over 37 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering unsurpassed quality customer service since 1980. Woodforest currently operates 740 branches in 17 states across the United States. For more information about Woodforest National Bank please visit woodforest.com.
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 $66.4 billion as of September 30, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 840 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.
