FHLB Dallas’ Special Partnership Grant Program Provides 5:1 Match of Members’ Donations
DALLAS–(BUSINESS WIRE)–The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce $2.3 million in Special Partnership Grant Program (PGP) funds have been awarded by FHLB Dallas and 63 member institutions to 99 community-based organizations (CBO). The funds were combined with $502,400 contributed by FHLB Dallas members for a total of more than $2.8 million to the organizations.
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 $500 up to $6,000 to a CBO, which FHLB Dallas matches at a 5:1 ratio (previously a 3:1 ratio) to provide the CBO up to $30,000 per member and $60,000 per year in grant money. Grants are awarded annually through FHLB Dallas’ member institutions via a lottery system.
“As our members and their communities face challenges brought on by the COVID-19 pandemic, we felt it was important to provide additional support through the Special Partnership Grant Program so members could continue focusing on building strong relationships with their customers and affecting change in their communities during recovery efforts,” said FHLB Dallas President and CEO Sanjay Bhasin.
Among participating members in the program are Red River Bank in Alexandria, Louisiana; Simmons Bank in Pine Bluff, Arkansas; Southwest Capital Bank in Albuquerque, New Mexico; Southside Bank in Tyler, Texas; and The First, A National Banking Association (The First) in Hattiesburg, Mississippi.
Here’s what members had to say about the impact of the PGP:
“Red River Bank has partnered with the Federal Home Loan Bank of Dallas since the bank opened 20 years ago. This year, we were able to help nonprofits in all of our markets and even reach new partners. It’s really exciting that we were able to do that, and that we’re able to develop new relationships thanks to the Special Partnership Grant Program’s additional $2 million.”
— Jannease Seastrunk, vice president and community reinvestment act officer at Red River Bank, Alexandria, Louisiana
“The Partnership Grant is essential to our smaller nonprofits who struggle to find adequate resources and are trying to engage in very hard work of improving the lives of low- to moderate-income communities. The Federal Home Loan Bank of Dallas Partnership Grant Program gives us an excellent opportunity to strengthen relationships with the nonprofits.”
— Martie North, senior vice president and director of community development/community reinvestment act at Simmons Bank, Pine Bluff, Arkansas
“At Southside Bank, we pride ourselves on investing in our communities. It was very rewarding and exciting to hear six nonprofits received Partnership Grant Program funds, making a huge impact for our communities. It is a privilege to partner with the Federal Home Loan Bank of Dallas and nonprofits to make a difference.”
— Brooke Mott, fair and responsible banking officer at Southside Bank, Tyler, Texas
“Southwest Capital Bank is honored to serve the community through the Partnership Grant Program. Thanks to the Federal Home Loan Bank of Dallas for helping us build new relationships with community-driven organizations.”
— Anthony Ortiz, chief financial officer and senior vice president at Southwest Capital Bank, Albuquerque, New Mexico
“The First is committed to providing nonprofit organizations the funding they need to carry out their operations and take the lead in providing for the community. We are happy to be part of the Special Partnership Grant Program and partner with the Federal Home Loan Bank of Dallas.”
— Jerome Brown, executive vice president and director of Community Development at The First, Hattiesburg, Mississippi
The Special PGP may be used for:
– Organizational capacity-building
– Assistance with applying for grants and other funding sources
– Research and studies
– Contractual services
This year the program was expanded to meet additional needs related to the COVID-19 pandemic, including:
– Nonprofits providing emergency rental assistance
– Emergency relief funds/social service providers related to housing
– Homeless shelters
– Job training
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.
Federal Home Loan Bank of Dallas