ALBUQUERQUE, N.M.--(BUSINESS WIRE)--The 20-year-old Downtown Growers’ Market (Market) in Albuquerque, New Mexico, is itself growing with the help of a $10,000 Partnership Grant Program (PGP) award to its parent organization, the DowntownABQ MainStreet Initiative (Initiative). The grant was awarded today in a ceremonial check presentation from Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) at Robinson Park, where the Market is held on Saturdays from April to November.
“The Market is working on becoming an independent nonprofit and taking on its own mission of helping more growers get involved,” said Initiative Executive Director Robert Hoberg. “We are planning on January 2017 for the Market to become its own entity with its own board of directors. This will help create the capacity needed for continued growth.”
Albuquerque Economic Development Director Gary Oppedahl said city officials appreciate the private investment that will benefit local entrepreneurs.
“The mayor is a great supporter of the Downtown Growers’ Market and sees it as an incredible opportunity for local, independent growers,” said Mr. Oppedahl. “On behalf of the city of Albuquerque, I am thrilled to see this investment in the Market that will benefit these entrepreneurs tremendously. I commend Wells Fargo and FHLB Dallas for their generous support of the farming community in New Mexico.”
The Initiative, founded in 2006, promotes and supports the economic health, social, and creative vitality of downtown Albuquerque.
City Councilor Isaac Benton, who represents Albuquerque’s 2nd District, is also an advocate of initiatives that promote the economic health of downtown Albuquerque.
“The Downtown Growers’ Market is a Robinson Park staple,” he said. “The local commerce, food, and music that is shared here every Saturday embodies community and local economic vitality; I’m thrilled to see it grow with the assistance of programs such as the PGP.”
Pat Nie, vice president of Community Development at Wells Fargo, said Wells Fargo is committed to the success of Albuquerque’s small businesses.
“Wells Fargo and FHLB Dallas share a commitment to supporting community projects, like the Market and the Initiative,” she said. “The positive trends created by the Market are important strides for the downtown and surrounding neighborhoods that have made the weekly event what it is today.”
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. Through the PGP, 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. 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.
Greg Hettrick, FHLB Dallas first vice president and director of Community Investment, said the PGP is designed to help initiatives like the Initiative and Market.
“Through the PGP we help promote and strengthen relationships between our members and community-based organizations just like DowntownABQ MainStreet Initiative so they may continue to develop and thrive,” he said.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
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 loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit our website at fhlb.com.