DALLAS, Aug. 19, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce it has awarded Mario Valera, owner of the new Domino's Pizza in Indianola, Mississippi, a $5,217 economic development grant through Community Bank.
The grant was awarded under FHLB Dallas's EDPPlus 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 Mario Valera to qualify for the accompanying grant.
Prior to opening the Domino's in Indianola, Mr. Valera operated other franchises in Louisiana. He currently owns two Domino's Pizza restaurants in Mississippi - one in Greenville and one in Greenwood. Mr. Valera said Indianola was a logical place to open a third location because the city is centrally located between Greenville and Greenwood, and few other pizza competitors are in the area.
Upon opening his business, Mr. Valera sought funding from Community Bank in Indianola.
"I had lived in Indianola for several years, but never banked with Community Bank," said Mr. Valera. "They were absolutely wonderful to work with."
Mr. Valera said he had no prior knowledge of FHLB Dallas or the availability of EDP advances or EDPPlus grants. Cindy Baird, President, and Mitchell Hill, Vice President, at Community Bank walked Mr. Valera through the entire process.
"Community Bank will do whatever it takes to help our customers, and our town, succeed," said Ms. Baird. "The FHLB EDPPlus grants have provided much needed capital to start up local businesses, and in small Delta towns, we need every possible advantage to encourage new business development, especially in the current economic downturn."
Mr. Valera said it was very encouraging to receive extra capital for his business. The funds were used to purchase equipment and lower overhead costs, which gave him more of a cushion as the economy began to decline.
"I am very grateful to FHLB Dallas and Community Bank," said Mr. Valera. "Together, they have helped me tremendously with the start-up of my business. It is comforting to know that there is help out there for small business owners."
Community Bank utilizes many of FHLB Dallas's grant programs and advance services. Ms. Baird said that the EDPPlus program is very easy, and benefits their business, and more importantly, their customers.
"These grants make it happen. From dental offices and beauty salons, to lawn mower repair shops and restaurants, it all happens because of our partnership with FHLB Dallas," Ms. Baird continued.
Mr. Valera operates his Domino's franchises under MHV Pizza, and has had a long standing relationship with Domino's Pizza for more than 20 years. He opened the Domino's in Indianola inside a local service station on Hwy 82 East. Since opening, he said his profits are higher than expected and he is very pleased with the progress of this new location.
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 $72.1 billion as of June 30, 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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013