SHREVEPORT, La.--(BUSINESS WIRE)--Red River Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded $33,500 in Partnership Grant Program (PGP) funds to four Shreveport community groups.
PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities. The grants are a portion of $105,000 in grants that the two banks are awarding in communities served by Red River Bank.
Red River Bank and FHLB Dallas awarded $15,000 to The Fuller Center for Housing of Northwest Louisiana; $12,500 to the Multicultural Development Center; $3,000 to Image Changers and $3,000 to Sadies Arms Obtain Funding.
The Fuller Center of Northwest Louisiana builds homes for low-income residents and offers its clients a no-interest mortgage on the homes. It will use the PGP grant to build its organizational capacity, offset administrative and operational expenses and mitigate lost revenue related to COVID-19.
“These funds come at a critical juncture as nonprofits around the nation, including The Fuller Center, experience greater demands due to current economic conditions,” said Lee Jeter, executive director of the affordable housing nonprofit.
The Multicultural Development Center (MCDC) plans on using the PGP funds for organizational capacity building. The grant will enable MCDC to hire a part-time clerical employee for 20 hours a week.
“These funds will help keep us organized,” said Yvonne Bartley, MCDC executive director. “It will ensure that we continue to help as many people in the community possible.”
Image Changers, which offers school-age tutoring and builds low-income housing, will use its grant to offset administrative expenses.
“Our objective is to make the community a better place for all citizens, and the PGP grant will help offset some of our expenses such as the permitting costs for new home construction,” said Damon L. Humphrey Sr., president and executive director.
Sadies Arms, which provides broad-based referral services to promote self-sufficiency to the residents of Caddo Parish, will use the PGP grant to retain its employees and purchase supplies.
“We’ve experienced a slowdown related to the pandemic, so we are thankful this funding will allow us to pay our employees and buy necessary supplies,” said Terri Hines, chairman of Sadies Arms.
Both Jannease Seastrunk, vice president and CRA officer, and Bridges Hall, Shreveport-Bossier market president, believe disbursing these funds is an important step in addressing community needs.
“These community organizations do a lot of good in the Shreveport area and we are thrilled to be able to partner with FHLB Dallas and provide assistance during this critical juncture,” Ms. Seastrunk said.
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.
“Red River Bank has been a long-time partner with FHLB Dallas and we appreciate its strong commitment to the communities it serves,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.
About Red River Bank
The origins of Red River Bank can be followed all the way back to the very heart of Louisiana. There, near the banks of the Red River, a small group of community leaders came together with a vision for a new kind of bank. The year was 1999, the banking climate was one of mergers and acquisitions, and the era of hometown banking seemed to be fading away. Red River Bank was founded on the belief of always doing the right thing, and that integrity is what guides us as we continue to grow. Just as water seeks its own level, we only seek opportunities to do what's right for our customers, our team members and our communities across Louisiana.
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.