DALLAS, Aug. 12, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce it has awarded Rachael Tackett, owner of the new Rachael's boutique women's clothing store in Greenwood, Mississippi, a $12,938 economic development grant through Community Bank.
The grant was awarded under FHLB Dallas's EDP(Plus) program, which 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. An EDP loan was issued through Community Bank, allowing Ms. Tackett to qualify for the accompanying grant.
Ms. Tackett said opening her own boutique store has always been a dream. She has two children, and felt that now the time was right to pursue her own business.
"I've always wanted to open my own store, and the timing seems right," said Ms. Tackett. "My children are at the age that I can finally do something for myself. And, since Greenwood is such a small community, there are few options for women's shopping. Most people go to Jackson or Memphis to do their shopping, which are a few hours away. I am hoping to attract people from the Delta region, which includes Indianola, Greenwood, and Sunflower, so that people don't have to travel as far."
In order to receive funding for her new business, Ms. Tackett contacted Cindy Baird, President of Community Bank in Indianola. Community Bank works closely with the FHLB Dallas to secure favorably priced advances and grants for local businesses. Ms. Baird recommended Ms. Tackett for the FHLB Dallas EDP(Plus) program, and secured an advance, plus a grant, to assist with start-up costs and two-months of bills for Rachael's, L.L.C.
"Community Bank will do whatever it takes to help our customers, and these grants make it happen." said Ms. Baird. "The FHLB Dallas loan specialists and wire department get as excited as we do when we can help a local business owner. Together, we support the local businesses and our community."
Rachael's L.C.C. is located in downtown Greenwood, at 201 Hallored Street, in a renovated office building that has since been converted into a store. Ms. Tackett said she chose the location because it is a popular area, and home to various other stores and restaurants. Rachael's will be a new addition, and is scheduled to open by the end of the summer. Ms. Tackett said she hopes the location and word-of-mouth will attract customers, but also plans to advertise in the local paper and magazine soon.
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 $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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