SANTA FE, N.M., Jan. 30, 2014 (GLOBE NEWSWIRE) -- Michael and Gracie Landavazo had operated a salon out of their home in Santa Fe for five years before it became clear the couple needed more space to expand.
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With the help of a small business loan from Century Bank, which was funded by an Economic Development Program (EDP) advance from the Federal Home Loan Bank of Dallas (FHLB Dallas), and an accompanying $1,500 EDPPlus grant, the couple was able to move their salon operation to a building in Santa Fe's business district that meets their space needs and gives them room to grow.
Mr. Landavazo learned of the EDP and EDPPlus programs from Robert Delgado, branch manager at Century Bank. He then met with Century Bank Vice President David Valdez, who told Mr. Landavazo he could be a candidate for the program.
EDPPlus grants, which are offered through FHLB Dallas members like Century Bank, are noncompetitive and available on a first-come, first-served basis to promote and enhance small business development and job creation. In 2014, FHLB Dallas has made available $1 million in EDPPlus grants through members.
The Landavazos are leasing their building and have the option to purchase it in the future. The 1,200 square foot building, at 234 Griffin Street, has been reconfigured to make the space more efficient for hairdressers. There is space for six hair stylists, two nail technicians and an aesthetician. They used the EDPPlus grant to install a spa pedicure chair and build out an area that can be utilized by the nail techs for pedicures.
The salon, which opened in March 2013, has benefited from the new location.
"The response has been very good," Mr. Landavazo said. "We had a Halloween event and invited the kids and their parents from the school down the street. We're in the downtown business district, but there are so many things around us, so just being present has been a big plus for the salon."
Mrs. Landavazo says her clients love the salon's location in the downtown area because it is so close to restaurants and shops, and it also has ample parking.
Mr. Valdez said the Landavazos were great candidates for EDP and EDPPlus.
"They already banked with us, and came highly recommended by the branch manager," Mr. Valdez said. "Mrs. Landavazo has been running a salon for years. They are hard workers and the location is great. What they've done with the building is really nice."
Next up for the Landavazos is hiring more stylists and deciding on whether to purchase the building. "We have an option to buy this property. I think after two years we should be able to make a decision," Mr. Landavazo said.
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 $31.3 billion as of September 30, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
The photo is also available via AP PhotoExpress.
