AUSTIN, Texas--(BUSINESS WIRE)--Pioneer Bank SSB (Pioneer Bank) and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded $23,230 in Partnership Grant Program (PGP) funds to Texas nonprofits Credit Coalition and Texas Community Capital.
PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities.
Houston, Texas-based Credit Coalition, which received an $11,230 PGP award, offers financial counseling to prospective and current homeowners.
“This grant will help us offer our free financial counseling services to clients who are interested in becoming homeowners or who need help to remain in their homes,” Credit Coalition Executive Director Sherrie Young said.
"Austin-based Texas Community Capital provides specialized loan and investment products and services that promote economic and community development in under-served Texas communities. It has been working to combat predatory payday and auto-title lending and plans to use its $12,000 PGP grant to enhance organizational capacity and offset operational and administration costs," said Howard Porter, Texas Community Capital program manager.
“There aren’t a lot of organizational funding options for small nonprofits like ours in which grants can be used for administrative and capacity-building expenses,” Mr. Porter said, “so we were very happy to learn that we qualified for a PGP award.”
Pioneer Bank said the PGP offered a new avenue of funding for two organizations that it has supported over time.
“We have supported the good work of Credit Coalition and Texas Community Capital through funding, lending or board service for several years. It is exciting to multiply the assistance that helps them as they work to make a positive difference in the communities we serve,” said Gloria Sanderson, senior vice president at Pioneer Bank.
Funding under FHLB Dallas’ PGP was increased by $2 million in 2020 under FHLB Dallas’ COVID-19 Relief Program to support CBOs involved in affordable housing activities, stimulating small business development or providing small businesses with technical assistance. The use of funds for these organizations was expanded to include COVID-19 relief.
Through this unique grant program, FHLB Dallas member institutions contribute from $500 to $6,000 to a CBO, which FHLB Dallas matches at a new, higher 5:1 ratio (compared to the previous 3:1 ratio) resulting in a match of up to $30,000. If multiple member institutions contribute to the same CBO in one year, the maximum FHLB Dallas match for those member contributions is $60,000 per year. In both cases, the total grant to the CBO would be the sum of the member contribution(s) plus the FHLB Dallas match. Grants are awarded annually through FHLB Dallas and its member institutions.
“We commend Pioneer Bank for its community outreach. Pioneer Bank is a valued member that leverages the PGP to make a positive impact on its communities; we always enjoy partnering with our member banks on such worthy causes,” said Greg Hettrick first vice president and director of Community Investment at FHLB Dallas.
About Pioneer Bank SSB
Pioneer Bank is a strong, well-capitalized community bank, headquartered in Austin, with more than $1.8 Billion of assets and 19 additional locations statewide. Serving communities in Houston, Dallas, San Antonio, and several cities in between for more than 125 years, Pioneer focuses and invests in the success of local businesses and families. To learn more about Pioneer visit pioneer.bank.
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 $83.8 billion as of March 31, 2020 is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 805 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.