FOR IMMEDIATE RELEASE
December 4, 2018
Federal Home Loan Bank of Dallas
New Mexico Entrepreneurial Community to Get a Boost, Thanks to $19K Grant
Wells Fargo and FHLB Dallas Provide Funds to Assist Local Nonprofit
ALBUQUERQUE, NEW MEXICO, December 4, 2018 — Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) today awarded $19,500 in Partnership Grant Program (PGP) funds to ABQid, a nonprofit that supports New Mexico's entrepreneurial community with educational resources. The funds will help fund ABQid's programs and operational expenses.
Representatives from the banks presented the funds today at a ceremonial check presentation at ABQid's offices in Albuquerque, New Mexico.
"ABQid deeply appreciates the grant from FHLB Dallas and Wells Fargo," said Harold Lavender, director of business development and finance at ABQid. "We have used and will continue to use these funds to further our mission of economic development in New Mexico."
ABQid's mission is to provide New Mexico's entrepreneurial community with startup support programming, seed fund investment and stakeholder engagement. As the only curriculum-based, venture-backed business accelerator in New Mexico, the organization has served more than 1,200 entrepreneurs and assisted 36 companies through its bootcamps, workshops and educational support.
The structure of the PGP allows FHLB Dallas member institutions like Wells Fargo to make a contribution of $500 to $4,000 to a community-based organization (CBO), which FHLB Dallas will match at a 3:1 ratio.
"ABQid is committed to supporting New Mexico's entrepreneurial community by helping them build great businesses that create jobs in our state," said Pat Nie, vice president/community relations with Wells Fargo. "We are very pleased to support them in their mission."
Melanie Dill, community and economic development product manager at FHLB Dallas, said the PGP strengthens the relationships between its members and local nonprofits. "The PGP is so popular because it is truly impactful on the communities and nonprofits that receive awards, enabling them to further their mission and purpose," she said.
For more information about the PGP, visit fhlb.com/pgp.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,950 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2018 rankings of America's largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system created by Congress in 1932. FHLB Dallas, with total assets of $73.7 billion as of September 30, 2018, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.