GONZALES, Texas, Aug. 13, 2010 (GLOBE NEWSWIRE) -- Chris Chrismon has been the owner and manager of Chrismon Overhead Doors since 2001. For almost 10 years, his business has operated at a leased location just outside of Gonzales, Texas, and successfully attracted a busy stream of business and loyal customers from throughout the area.
In 2010, Mr. Chrismon decided it was time to purchase property and move his business to a more central location that allowed room for expansion. With help from the Economic Development Program (EDP) and Economic Development Program Plus (EDPPlus) through Lone Star Bank S.S.B and the Federal Home Loan Bank of Dallas (FHLB Dallas), Mr. Chrismon was able to secure a loan and obtain a $10,500 EDPPlus grant to purchase land in town and construct a new facility for his business.
Through its EDP, FHLB Dallas provides favorably priced advances to its institutions, such as Lone Star Bank, 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. Through its member institutions, FHLB Dallas has awarded $1 million in EDPPlus grants in 2010.
Gary Mobbs, vice president and branch manager of Lone Star Bank in Gonzales, worked with Mr. Chrismon to secure a loan and introduced him to the EDPPlus grant program.
"EDP and EDPPlus have been great tools for us to help develop new business and expand existing business within our community," said Mr. Mobbs. "These programs are just another tool in our toolbox, and have helped us gain a competitive edge by further helping our customers in a way that some of our competitors cannot."
David Kapavik, president of Lone Star Bank S.S.B., confirmed the value of these programs. Mr. Kapavik said, "We share a great working relationship with FHLB Dallas, which in turn helps our customers. The economic development programs have enabled many small businesses with limited resources to obtain grants funds along with a reasonable rate loan."
Mr. Chrismon said the new facility has been in full operation for about four months, and it is more convenient and more visible for potential customers. Chrismon Overhead Doors employs a staff of five to eight full-time and contract employees, and specializes in construction, repair, and alteration of residential and commercial metal buildings. Chrismon Overhead Doors offers various sizes and accepts custom designs for metal buildings, and also specializes in garage door installation.
Mr. Chrismon grew up in Gonzales, and became interested in the industry through contract work and by making local contacts. Over the years, he built up his client base and began operating his own business.
"I started training and working sub-contract jobs under a veteran contractor. Eventually, business grew and we both became very busy with our own jobs. When I started my own business, I banked with Lone Star Bank," said Mr. Chrismon. "I feel like community banks really care about their customers and serving the community. Gary Mobbs at Lone Star Bank did all the work to get me a great rate on a loan, plus grant money to help with the purchase of the new property. I am so appreciative of the help and have recommended a couple of people to Lone Star Bank for the EDP and EDPPlus programs."
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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