GREENWOOD, MISSISSIPPI, November 19, 2018 – (RealEstateRama) — For Main Street Greenwood, the timing of an $8,000 Partnership Grant Program (PGP) award couldn’t have been better.
“We were out of money in our general operating account until we received the grant,” said Brantley Snipes, executive director of the nonprofit. “I was looking at taking a pay cut, cutting office hours and reducing our outreach before the PGP grant came through. FHLB Dallas and the Bank of Commerce kept us afloat.”
Main Street Greenwood, whose main purpose is to support downtown Greenwood, will use the funding for administration expenses and to fund facade grants to local businesses, said Ms. Snipes.
Local dignitaries joined representatives from Bank of Commerce and the Federal Home Loan Bank of Dallas (FHLB Dallas) at a ceremonial check presentation yesterday to announce the PGP funds.
PGP funding came at a critical time for the organization, Ms. Snipes said, since the county cut funding this year, and the organization faced untenable decisions. Main Street Greenwood also receives funds from the City of Greenwood and from membership fees, but essentially operates on a shoestring budget, she said.
Bank of Commerce CFO Zach Luke said the bank has seen the progress Main Street Greenwood has made since its 1995 founding in preserving and restoring the city’s historic business district. Since that time, the organization has funded an average of two facade renovations every year while providing other services to help businesses prosper, including sponsoring events that promote downtown.
“We strongly support the mission of Main Street Greenwood, and we were happy to facilitate the PGP funding that allowed the organization to continue its work without interruptions or reduced services,” Mr. Luke said.
FHLB Dallas has awarded $300,000 in PGP funds this year through 31 member institutions to assist 32 community-based organizations. Combined with the $114,010 contributed by FHLB Dallas members, a total of $414,010 has been awarded to the organizations.
“Bank of Commerce has roots that run deep in Greenwood and has seen the progress that Main Street Greenwood has made over its 23-year history in preserving and improving the city’s small business climate,” said Melanie Dill, community and economic development product manager at FHLB Dallas. “It’s been a pleasure for FHLB Dallas to partner with Bank of Commerce to continue Main Street Greenwood’s important mission.”
About Bank of Commerce
Bank of Commerce was established in July 1904 and is now a $450 million commercial bank serving Greenwood, Charleston, Oxford, Starkville, and Columbus, Mississippi. After more than 100 years of steady service, the Bank of Commerce is still opening new financial doors offering options that make banking as convenient as possible for our customers. Learn more here: bankcom.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 $73.7 billion as of September 30, 2018, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.
Federal Home Loan Bank of Dallas