AUSTIN, Texas, Nov. 14, 2014 /PRNewswire-USNewswire/ -- The Economic Growth Business Incubator (EGBI), a small nonprofit in Austin, received a $20,000 Partnership Grant Program (PGP) award last night from Comerica Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). The grant, given during the group's fourth annual fundraising gala, will be used for professional grant-writing services and operational expenses.
EGBI originally began in 2004 to help bridge the digital divide; it was re-launched in 2011 to support start-up businesses in Austin. The nonprofit targets primarily underserved communities of minority and low-income populations and focuses on non-technological business plans.
"Over 60 percent of our clients earn $35,000 a year or less," said Al Lopez, EGBI executive director. "They are individuals and families trying to become self-sufficient. We provide services an entrepreneur needs to start or grow a business, but they might not be able come up with the resources to take the next step." Business concepts supported by EGBI include those for daycares, landscapers, construction companies, food services, and hair and nail salons.
Lueretha Slack, North Texas CRA market manager for Comerica Bank, said she learned of the organization a few years ago and was impressed by the services they offered their clients. "They provide several weeks of classes related to how to get everything in order to start a business," she said. "Topics like business preparedness and managing finances are part of their curriculum. It is great to see what they are doing for underserved communities in Austin."
Through the PGP, FHLB Dallas awards grants through its member institutions, to provide funding for the operational needs of community-based organizations involved in affordable housing and economic development. FHLB Dallas matches the cash contribution of a member financial institution to a community-based organization of $500 up to $5,000 at a 3:1 ratio. Through its members, FHLB Dallas awarded $225,000 in partnership grants in 2014.
"FHLB Dallas is pleased to support the efforts of Comerica Bank and EGBI to help entrepreneurs from every walk of life," said Greg Hettrick, director of Community Investment at FHLB Dallas. "EGBI provides life-changing educational opportunities. This helps individuals and entire communities to succeed."
About Comerica Bank
Comerica Bank is a commercial banking subsidiary of Comerica Incorporated ( NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $68.9 billion at September 30, 2014. To find us on Facebook, please visit http://www.facebook.com/ComericaCares. Follow Comerica on Twitter at @ComericaCares and follow Comerica Chief Economist Robert Dye on Twitter at @Comerica_Econ.
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 $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
Federal Home Loan Bank of Dallas
SOURCE Federal Home Loan Bank of Dallas