BASTROP, Texas, Aug. 10, 2010 (GLOBE NEWSWIRE) -- Just three years ago, Deep in the Heart Art Foundry, a producer of fine art sculpture in Bastrop, Texas, underwent a major expansion on its site within the Bastrop Industrial Park. With its budget stretched thin from expanding its building, the company approached First National Bank of Bastrop for an equipment loan.
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Not only did the foundry receive the loan, but it also received a $25,000 small business grant issued through First National Bank of Bastrop by the Federal Home Loan Bank of Dallas (FHLB Dallas).
Through its Economic Development Program (EDP), FHLB Dallas provides favorably priced advances to member institutions to support economic development and community revitalization projects that qualify by location, income or consumer demographics. 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. In 2010, FHLB Dallas awarded $1 million in EDPPlus grants through its member institutions.
"The FHLB Dallas grant money went toward equipment to get us to this point," said Clint Howard, president of Deep in the Heart Art Foundry. The foundry purchased about $125,000 worth of equipment, with grant funds going toward a laser scanner and computer which are used to scan small sculptures so the company can recreate them on a larger scale. The machine costs between $25,000 and $30,000, on average.
Since opening in 1999, the foundry has grown from a handful of employees in a cramped 1,000-square-foot storefront to more than 43 employees occupying 26,000 square feet of manufacturing space spanning three properties. "It's just been nonstop growth, building, and expanding," Mr. Howard said.
Recently, the foundry celebrated another milestone - the grand opening of its art gallery and showroom, the Fireside Gallery, located near the foundry. The opening coincided with Bastrop's Main Street Program celebration, during which Deep in the Heart Art Foundry also unveiled its contribution to the city's Main Street Program. The foundry designed and cast 31 bronze medallions depicting events in Bastrop's history. The medallions were embedded into the sidewalks and crosswalks spanning the eight blocks of Chestnut Pathway from Main Street to the site of a future convention center.
The Main Street Program organizers originally approached Mr. Howard to advise them on the project, but when he showed he was able to design, cast, and manufacture the pieces at a lower price than some other bidders he won the job.
"I want the city to embrace the art and the value of big, outdoor, external art and how it can improve tourism," Mr. Howard said.
In addition to the Main Street Program, Deep in the Heart Art Foundry has also partnered with the Hyatt Regency Lost Pines Resort and Spa. In August, the hotel will start shuttling guests to the foundry on Saturdays for tours, according to Mr. Howard.
First National Bank of Bastrop Senior Vice President Fil Valderrama said the foundry's business has really begun to take off.
"They're such a big draw for tourism," Mr. Valderrama said. "I'm so proud of it because I saw the potential in the business from the beginning when they were in a 1,000-square-foot building and they had nowhere to store their artwork."
Mr. Valderrama has been an active user of EDP advances and EDPPlus grants, awarding 11 EDPPlus grants since 2003.
"We use the EDP as another means of solidifying customer loyalty," he said. "We've used it several times in the past, and the foundry was just another opportunity to do the same thing. It's a win-win situation for both the bank and the customer. We not only offer customers grant money, but we can provide them a fixed rate loan on reasonable terms."
Deep in the Heart Art Foundry is a full service foundry that produces bronze and stainless castings. The company also delivers and installs its pieces. The foundry designed and cast the 12-foot-high exact replica of the 1946 Texas A&M class ring and the fiberglass monument of the Phantom Warrior at Fort Hood in Killeen, Texas, among other pieces.
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 $57.1 billion as of June 30, 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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