FOR IMMEDIATE RELEASE
December 6, 2017
Federal Home Loan Bank of Dallas
Woodforest National Bank and FHLB Dallas Award $30K to Assist Small Businesses Recovery
Grants Part of $90K to Help Six Texas Businesses Affected by Hurricane Harvey
HOUSTON, TEXAS, December 6, 2017 — Representatives from Woodforest National Bank, the Federal Home Loan Bank of Dallas (FHLB Dallas) and PeopleFund on Tuesday announced $30,000 in Small Business Recovery grants to assist two Houston, Texas, businesses with hurricane recovery efforts.
It's been more than three months since Hurricane Harvey made landfall in Texas, dropping as much as 52 inches of rain on Southeast Texas and the Gulf Coast. FHLB Dallas made available to members, like Woodforest National Bank, $6.7 million in recovery grants, including $2.25 million in Small Business Recovery grants to assist small businesses with rebuilding and/or repairs.
In the months that followed the August storm, Woodforest National Bank has utilized a total of $90,000 in Small Business Recovery grants to help six small businesses across Texas, including the $30,000 awarded in the Houston area.
"Working with FHLB Dallas and PeopleFund to make these grant funds possible is a solid step to rebuilding small businesses that are cornerstones of our communities. Being a member of FHLB Dallas gives Woodforest more dynamism, and their support is critical for our continued revitalization efforts," said Woodforest National Bank CRA Executive Director and EVP Doug Schaeffer.
PeopleFund, an organization that provides small business loans to established businesses, nonprofits and start-ups, assisted Woodforest National Bank in identifying eligible grant recipients for the grants.
"Hurricane Harvey created enormous challenges for small business owners in Houston and the Gulf Coast," said PeopleFund President and CEO Gary Lindner. "Through the incredible generosity of our partners at the Federal Home Loan Bank of Dallas and Woodforest National Bank, these challenges have become opportunities. Empowered with capital, these two clients can recover, rebuild and revive the Houston economy one customer at a time. Partnerships like these show our community's commitment to the entrepreneurial spirit of Houston."
The check presentation was held at one of the local businesses assisted by the grant: Crescent City Connection Sports and Oyster Bar. The business had been open just two years when the hurricane struck. Water came through the back door of the kitchen damaging a lot of the food. The business also had to empty out its entire refrigerator because of power loss, and the ceiling over the back portion of the kitchen caved in due to water damage, said Eric Dyer, the restaurant's president.
"Being a small business, every dollar counts," Mr. Dyer said. "We lost about $15,000 in just that one week of being closed. We had to pay rent, replace food and more, so the grant really helped."
Crescent City Connection Sports and Oyster Bar and a Houston technology solutions provider, KAYMIAH Inc., each received $15,000 in Small Business Recovery grants. The grants are available through FHLB Dallas member institutions, like Woodforest National Bank, to assist small business owners that are in counties that have been designated for Individual Assistance by FEMA. The funds are intended to assist with reasonable and necessary expenses to repair or rebuild the business that are not otherwise covered by insurance or other reimbursement.
"Supporting our members in helping to finance the recovery of local businesses in their communities is what this program is about," said FHLB Dallas First Vice President and Director of Community Investment Greg Hettrick. "We're proud to partner with Woodforest National Bank in assisting local businesses as they get back on their feet and continue to provide important services to their communities."
About Woodforest National Bank
Celebrating over 37 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering unsurpassed quality customer service since 1980. Woodforest currently operates 740 branches in 17 states across the United States. For more information about Woodforest National Bank please visit woodforest.com.
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 $66.4 billion as of September 30, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 840 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.