SANTA FE, N.M., July 22, 2009 (GLOBE NEWSWIRE) -- Century Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) are pleased to announce that $61,250 in economic development grants (EDP Plus ) have been awarded to Santa Fe businesses.
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"Century Bank looks at every avenue of funding to maximize our service and commitment to small businesses," said David Valdez, Vice President Commercial Lending. "Our partnerships with the Federal Home Loan Bank of Dallas and the Small Business Administration work on many levels and ultimately stimulate our local economy by helping small businesses. It was our pleasure to work with everyone involved."
FHLB Dallas's EDP Plus program operates through member financial institutions on a noncompetitive, first-come, first-served basis, and offers grant money in conjunction with a favorably priced loan for the development of local business in underserved or revitalized areas.
"Our partnership with Century Bank is helping these businesses grow and expand, which will have a positive impact on the business community, and the community at large," said FHLB Dallas President and CEO Terry Smith.
EDP loans and accompanying EDP Plus grants have been awarded to the following businesses:
* Guardian Angels, LLC received $4,500 toward expansion costs. * Jan-Ash, LLC received $25,000 toward expansion costs. * Land of Enchantment Mobile Home Supply received $6,750 toward expansion costs. * The Candyman Strings & Things received $25,000 toward the purchase and expansion of a building.
Strings & Things owner Rand E. Cook said the grant helped him as a new business owner.
"My wife and I feel very blessed," said Mr. Cook. "We were very lucky and very fortunate to be able to get the extra grant money. It made it possible to maintain our staff. It made it possible to keep their jobs safe."
About 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 $68.7 billion as of March 31, 2009, 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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About Century Bank
Established in 1887, Century Bank is a locally owned, locally managed, community bank that offers a full range of quality banking products and services to businesses and residents of New Mexico. With six convenient branches located in Santa Fe, Espanola, and Albuquerque, Century Bank is dedicated to support the economic development of New Mexico. For more information, visit Century Bank's web site at centurynetbank.com.
The photos are also available via AP PhotoExpress.
