PRESCOTT, Ark., Aug. 24, 2010 (GLOBE NEWSWIRE) -- When Jill and Brian Glass purchased a local convenience store located just south of Prescott, Arkansas, they had big plans to expand its inventory and create a one-stop-shop for their customers.
Mr. and Mrs. Glass, both teachers in Prescott, purchased the store from a family friend with the intent to maximize its 4,264-square-foot space and increase its services and product line. The Glasses renovated the building and renamed it "The Wolf Den." They sell common convenience store items such as gas, soft drinks, lottery tickets, and snack items, and expanded its grocery inventory to include items such as milk and bread. The Wolf Den also offers nonfood items and sporting goods such as hunting and fishing licenses, ammunition, camping supplies, and live bait, as well as dog and cat food and livestock feed.
The Wolf Den also offers a hot food item bar and a deli/restaurant. The restaurant is open seven days a week for dine-in or take-out, and has daily lunch and dinner specials such as hamburgers, fried catfish, salads, and sandwiches. The Glasses also added a convenient drive-thru window for restaurant customers.
"Business has really picked up," said Mrs. Glass. "We weren't really expecting the restaurant to draw such a crowd, but it has really kept us busy along with the store customers. I think people really appreciate the convenience of our location. We are gradually increasing our product line so that we can adequately manage our business, but so far the response has been great. As teachers, we have been able to dedicate all summer to getting the store up and running, and we are definitely well on our way."
In order to fund the renovations and stock inventory, Mr. and Mrs. Glass approached Bank of Prescott for a small business loan. Not only did they qualify for a loan, but they were also introduced to the Economic Development Program (EDP) and Economic Development Program Plus (EDPPlus), which are both available through the Federal Home Loan Bank of Dallas (FHLB Dallas).
Through EDP, FHLB Dallas provides favorably priced advances to its member institutions, such as Bank of Prescott, in order to support economic development and community revitalization projects that are qualified 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 the Glass's case, they were able to qualify for a loan, as well as an $11,175 EDPPlus grant. Through its member institutions, FHLB Dallas has awarded $1 million in EDPPlus grants in 2010.
"The EDP and EDPPlus programs allow us to inject additional cash into local businesses, which makes the business potentially more profitable," said John Brannan, president at Bank of Prescott. "Jill and Brian Glass were good candidates for the programs because they are expanding an existing small business to further serve the needs of locals and travelers in the Prescott community."
As both Mr. and Mrs. Glass prepare to go back to work in the fall, they hired more employees to run the store. In total, they now have five employees on the payroll. Mrs. Glass said the grant funds allowed them to do more renovations and purchase additional inventory, which they hope will generate higher profits.
"It was nice to have that extra capital to work with," said Mrs. Glass. "It gave us a little more cushion and I would definitely recommend Bank of Prescott and EDP and EDPPlus to any small business owner."
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 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 web site at fhlb.com.
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