NEW ORLEANS--(BUSINESS WIRE)--IBERIABANK and the Federal Home Loan Bank of Dallas (FHLB Dallas) today awarded $20,000 in Partnership Grant Program (PGP) funds to benefit two New Orleans-based nonprofits.
The Urban Conservancy received $8,000, its third PGP award since 2012 from FHLB Dallas and IBERIABANK. This year’s PGP grant will be used to staff, market, and hold a series of educational workshops, presentations, and networking events for the Greater New Orleans small business community. Through its StayLocal initiative, the Urban Conservancy provides business owners with tools to compete effectively while educating the community on how investing in locally owned businesses can help build stronger, more resilient neighborhoods across New Orleans.
“This grant helps us connect our locally owned businesses with a local financial provider in IBERIABANK, and this will really help build businesses’ banking relationships,” said Dana Eness, executive director at the Urban Conservancy. “For small businesses, access to capital is one of the biggest questions they have, so this grant is particularly useful in helping to shore-up those relationships.”
Puentes New Orleans received a $12,000 grant, which will be used to build the capacity of their Economic Asset Building Program, providing consumer credit counseling, first-time homebuyer education, and business consulting to the low- to moderate-income Latino community in New Orleans. Established in 2007, Puentes New Orleans helps Latinos in New Orleans overcome the obstacles that often keep them from purchasing homes.
“Our clients are hardworking, family-oriented individuals who dream of one day becoming homeowners, starting their own businesses, and sending their children to college,” said Salvador Longoria, board member at Puentes New Orleans. “There are a few factors, however, that keep them from realizing that dream.”
Mr. Longoria cited limited English proficiency, and unfamiliarity with the homebuying process, fair housing laws, and the availability of financial products as some of the obstacles his clients face when purchasing a home.
Through the PGP, FHLB Dallas member financial institutions, such as IBERIABANK, contribute $500 up to $4,000 to a community-based organization (CBO). FHLB Dallas matches the contributions at a 3:1 ratio, which provides up to $12,000 in grant money to a CBO. Including the 2014 grant, and another grant in 2012, the Urban Conservancy has been awarded a total of $24,000 in PGP funding through IBERIABANK.
“The Urban Conservancy has been successful in starting a conversation about the benefits of local investing, beginning with a workshop in early 2013 that brought community leaders together from a wide range of different industries and economic sectors,” said IBERIABANK Executive Vice President and Regional Group Manager Donald Zornman. “This initial meeting has evolved into a sustained discussion on strategies to reinvest more dollars back into the local community through a series of workshops and roundtable meetings.”
Mr. Zornman said Puentes New Orleans has a unique understanding of the needs and challenges faced by the Latino community.
“This is IBERIABANK’s first time to support Puentes New Orleans through the PGP,” said Mr. Zornman. “Puentes is uniquely positioned to understand and serve the needs of the low-income Latino community and the grant will be beneficial in assisting with increasing its organizational capacity.”
PGP grants are offered annually through FHLB Dallas’ member institutions via a lottery system. Funds may be used for research, organizational capacity-building, grant- and funding-application assistance, or contractual services. 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 this year.
“It’s rewarding to see the positive impact of partnership between nonprofits and our member institutions,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Our role through the PGP is to leverage and help maximize IBERIABANK’s support to community organizations by providing a valuable community investment tool.”
IBERIABANK Corporation is a financial holding company with 298 combined offices, including 199 bank branch offices and three LPOs in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida and Georgia, 22 title insurance offices in Arkansas and Louisiana, mortgage representatives in 66 locations in 10 states, seven locations with representatives of IBERIA Wealth Advisors in five states, and one IBERIA Capital Partners, L.L.C. office in New Orleans.
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 $54.4 billion as of June 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. Visit fhlb.com for more information.