DALLAS, Oct. 18, 2012 (GLOBE NEWSWIRE) -- The Business Assistance Center in Dallas, Texas, has big plans for the $30,000 in Partnership Grant Program (PGP) funds it was recently awarded by Comerica Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
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This is the second PGP award the Business Assistance Center has received from Comerica and FHLB Dallas. The nonprofit received another $15,000 in PGP funds in 2009. The Business Assistance Center, which serves as a resource to the business community, plans to use its most recent grant the same way it used the first PGP award – to fund its micro-enterprise program. The micro-enterprise program is a 16-week training course of instruction, education, planning, and business development for new business owners.
The organization works with approximately 20 small businesses offering them training on starting and operating a business including training on how to write a business plan, business plan review, technical assistance, and other services. A small number of those business start-ups are selected to enter into the organization's business incubation program, where they are offered back-office support and more training.
"We're very excited and very happy to receive this grant," said Van Howard, president and CEO of the Business Assistance Center. "It is a win-win for everybody. Comerica supports our organization with an annual contribution, so to be able to receive matching dollars to support the program is an added boost."
Partnership grants are offered through FHLB Dallas's member institutions, such as Comerica, to provide funding for the operational needs of community-based organizations involved in affordable housing and community development. FHLB Dallas matches a member's cash contributions to a community-based organization of $500 up to $5,000 at a 3:1 ratio. Through its member institutions, FHLB Dallas awarded $225,000 in partnership grants in 2012.
"The PGP is one of our most heavily utilized grant programs," said FHLB Dallas President and CEO Terry Smith. "The matching funds component of the program allows members, like Comerica Bank, to triple their contributions to the organizations they support, and in turn, those organizations can continue their valuable work in the communities. In this case, the PGP funds will help further the Business Assistance Center's efforts to promote small business development in the community as it provides new business owners with the tools they need to succeed."
"Comerica has supported the Business Assistance Center for many years because the nonprofit serves a critical niche in our community," said Lueretha Slack, vice president and North Texas CRA market manager for Comerica Bank. "By providing resources, tools and training to aspiring entrepreneurs, the Business Assistance Center has helped countless small business owners achieve their dreams, which creates jobs and makes a positive impact on our local economy."
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $34.7 billion as of June 30, 2012, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
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About Comerica Bank
Comerica Incorporated (NYSE:CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares. Follow Comerica Chief Economist Robert Dye on Twitter at @Comerica_Econ.
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CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas