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Access to $1.5 Million in Small Business Boost Funds Starting July 11

A new funding round of $1.5 million for the Small Business Boost (SBB) program will open on July 11.

The SBB is an economic development program offered by the Federal Home Loan Bank of Dallas (FHLB Dallas) intended to help participating members provide financing for qualified small businesses by filling the gap between what the member can finance and the loan request made by an eligible small business.

For example, SBB can fill the financial gap when the small business does not have the required equity or collateral to get their loan request fully funded by the member.

SBB funds are provided as a secondary, unsecured loan in conjunction with a loan made by the participating member institution. There are no repayments due on the SBB loan in year one which helps improve initial cash flow for the small business.

SBB funds can be used for the startup or expansion of a small business, including building purchase, land acquisition, construction, equipment, working capital and other related uses.

FHLB Dallas members have helped a wide variety of small businesses throughout the District with SBB loans. They have included financing the purchase of a day care, the financing of a building purchase for a new pharmacy, working and startup capital for restaurants, the opening of a coin laundry, a dentist’s office and a veterinary clinic.

“Small businesses are a major focus for us, and SBB has some great advantages over other small business lending products with its straightforward application process, no payments for the recipient in year one to allow businesses to develop cash flow and a streamlined reporting process for the FHLB Dallas member,” said Jason White, vice president and commercial lender/business development officer at Lamar National Bank, which recently used the SBB to fund a Capriotti’s restaurant in McKinney, Texas.

Learn more about the SBB at fhlb.com/sbb.

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