ARKADELPHIA, Ark., July 15, 2010 (GLOBE NEWSWIRE) -- DLT Events, Inc. is, as owner Fred Phillips describes, the "soup-to-nuts" of endurance sporting events located in the area from the central Ozarks of Arkansas to northern Louisiana. When the opportunity arose to expand his business and develop a strategic partnership, Mr. Phillips knew he needed new equipment to successfully close the deal. He turned to Summit Bank of Arkadelphia to discuss possible loan options.
Since 2002, DLT Events has been a full service event company that consults, administers, and produces special events and programs, involving primarily running, cycling, and triathlons. From development to completion, DLT Events assists with consultation, web design, advertising and promotion, equipment setup, equipment rental, registration, timing, on-site management, sponsorship development, event logistics, and results.
DLT Events positioned itself to create a partnership with an existing timing company, which would allow it to expand its market base and tap into new territory. In order to succeed, Mr. Phillips said he would need to purchase new equipment, such as new timing systems, computers, and digital clocks. The equipment would be leased to the timing company, which would offer the latest technology available in the industry to its customers.
"The new equipment will allow us to provide the 'latest and greatest' to our customers," said Mr. Phillips. "We'll have an edge over the competition, and this new partnership will allow us to reach more clientele."
Mr. Phillips approached Summit Bank of Arkadelphia for a loan to purchase the equipment. Summit Bank partners with the Federal Home Loan Bank of Dallas (FHLB Dallas) to obtain Economic Development Program (EDP) advances and Economic Development Program Plus (EDPPlus) grants. EDP provides favorably priced advances to FHLB Dallas member institutions to support economic development and community revitalization projects that qualify by location, income, or targeted services. If a member institution is approved for an EDP advance, the member's customer may then be eligible for an accompanying EDPPlus grant. EDPPlus grants are noncompetitive and available on a first-come, first-served basis to promote and enhance small business development in underserved areas or to underserved populations.
Mr. Phillips was able to obtain a loan through Summit Bank of Arkadelphia and qualify for an $11,250 EDPPlus grant. The grant helped increase his working capital in order to purchase the new equipment.
"Small and local businesses support our community," said Chris Wewers, executive vice president and chief financial officer at Summit Bank of Arkadelphia. "We are grateful that Mr. Phillips had the trust and confidence in us to secure a loan for his business. Without the partnership and cooperation of all three parties involved, Summit Bank of Arkadelphia, DLT Events, and the Federal Home Loan Bank of Dallas, this deal would not have been possible. It works well for everyone."
Mr. Phillips has purchased the majority of the new equipment, and is waiting for the remaining equipment to be released from the manufacturer, which he hopes will be sometime in July.
"I really appreciate having access to this program," said Mr. Phillips about EDP and EDPPlus. "It really helped me, and I am sure it would be a significant help to other small business owners in the area."
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 $58.7 billion as of March 31, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced advances 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 web site at fhlb.com.
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