LAFAYETTE, La.--(BUSINESS WIRE)--Home Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded $78,700 in Partnership Grant Program (PGP) funds to five Baton Rouge, Louisiana, nonprofits: 100 Black Men of Greater Baton Rouge, Dr. James Gilmore Institute for Human Development, Fathers on a Mission, Junior Achievement of Greater Baton Rouge and Acadiana, and Scotlandville Community Development Corp.
PGP grants help qualified community-based organizations (CBOs) fund a variety of operational and administrative activities that are critical to serving their communities.
“These five Baton Rouge nonprofits provide much-needed services to Greater Baton Rouge,” said Brandon Kelly, vice president and Community Development director for Home Bank. “But like most nonprofits, they sometimes struggle with administrative costs that can chip away at their program budgets. By joining with the Federal Home Loan Bank of Dallas to provide these Partnership Grant Program funds, we hope to help pay for some of those administrative costs so they can devote their existing resources to their missions.”
The organizations will use the grants in the following ways:
- 100 Black Men of Metro Baton Rouge, $9,000, to continue to build its capacity to serve students and their families online during the pandemic
- Dr. James Gilmore, Jr. Institute for Human Development, $6,000, to research the impact of the pandemic on residents of East Baton Rouge and their ability to afford rent or house payments and to seek funding to assist them
- Fathers on a Mission, $12,000, to provide financial assistance to fathers to help them get jobs and manage their finances during the pandemic
- Junior Achievement of Greater Baton Rouge and Acadiana, $42,700, to offset operation and administrative expenses during the pandemic
- Scotlandville Community Development Corp., $9,000, to conduct educational and financial seminars and for external communications and operational support
Funding of the PGP was increased by $2 million this year 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. For 2020, program parameters also were 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.
“Through the Partnership Grant Program, we hope to keep administrative expenses from hindering nonprofits’ ability to provide critical services to the community,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We created the grant program to help with these expenses so that organizations can spend more of their funds directly on programs that serve the community. We were pleased to join with Home Bank to offer $78,700 in Partnership Grant Program funds to these five community-based organizations that serve Greater Baton Rouge.”
About Home Bank N.A.
Home Bank, N.A., founded in 1908 as Home Building & Loan, is the oldest financial institution founded in Lafayette Parish. Through the years, we’ve expanded to serve markets in South Louisiana and Mississippi: Acadiana, Baton Rouge, New Orleans, the Northshore of Lake Pontchartrain, St. Martin and Jeff Davis Parishes, as well as Natchez and Vicksburg. With 40 locations across South Louisiana and Western Mississippi, Home Bank is committed to serving the needs of our communities. Personal banking has always been Home Bank's trademark and that tradition continues as we grow, invest and serve our clients and community. We live our values each day, focusing on integrity, innovation and a commitment to serving others. For more information about Home Bank, visit home24bank.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 $75 billion as of June 30, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.