RICHARDSON, Texas, April 8, 2016 /PRNewswire-USNewswire/ -- Nestled in the heart of the Dallas-Fort Worth area, a north Texas equestrian center is breeding change and creating jobs, thanks in part to a small business development program from Origin Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
Matt and Sandy Seaton, who have extensive combined business experience as owners and operators of a commercial janitorial company, were inspired to purchase Windmill Stables in February as a result of their daughter's interest in pursuing a career as a horse riding instructor.
"We purchased the business because we wanted to set our daughter up for success in the long-run," said Mr. Seaton.
Located in the SpringPark Homeowners Association, for over 25 years Windmill Stables has offered horse riding instruction classes, horse training, and horse boarding to the public. Under its new ownership, Mrs. Seaton describes the equestrian center as a "foundational barn that teaches whole horsemanship – including tacking, grooming, safety, health, care, and respect of the horse." The couple used a loan from Origin Bank, which was funded by an Economic Development Program advance from FHLB Dallas, to purchase the land and buildings, which include the barn and arenas. In addition, they qualified for an accompanying $25,000 EDPPlus grant from the banks, which they are using to make improvements on land, barn, and operational supplies.
Without the grant, Mrs. Seaton said that she and her husband would not have been able to make necessary purchases to improve the property.
"We wanted to create a safe environment for the horses and customers," said Mrs. Seaton. "The EDPPlus grant allowed us to do just that."
Noncompetitive EDPPlus grants are awarded in conjunction with EDP advances through FHLB Dallas members, like Origin Bank. The grants are available on a first-come, first-served basis to promote and enhance small business development and job creation. The grant helped create a full-time position for a barn manager, senior instructor, and a part-time position to assist with weekend maintenance.
While Origin Bank has previously utilized FHLB Dallas' Special Needs Assistance Program (SNAP) and Partnership Grant Program (PGP), this is the first time the bank has used the EDP advance and grant program.
"The EDP allows us to connect small business owners with the aid they need to serve and expand in their communities," said Commercial Lending Associate Ashlee Thammavongsai. "Since these are the same communities that we live in, the benefit from enriching and stimulating our local economy is mutual."
Requirements of the EDPPlus grant program led Mr. and Mrs. Seaton to the Collin Small Business Development Center (CSBDC), where they received help in refining their business plan and rationalize financial projections.
CSBDC Business Advisor Alex Plotkin provided guidance to the couple to help them successfully secure a loan. "The EDP advance and EDPPlus grant programs are much-needed programs in the north Texas small business community," said Mr. Plotkin. "Some businesses would never be able to create the jobs and provide the impact to our community without programs such as these."
FHLB Dallas SVP and Chief Banking Operations Officer Gustavo Molina emphasizes the need for community investment programs in both urban and rural areas.
"Although Dallas is a large city, there are many opportunities for economic growth within the metroplex," said Mr. Molina. "Origin Bank has a legacy of community investment and we are proud to partner with them to positively impact the economy in our own backyard."
In 2015, FHLB Dallas made $1 million available for EDPPlus grants, assisting 50 small businesses in the Bank's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. FHLB Dallas has made another $1 million in EDPPlus funding available this year.
About Origin Bank
Origin Bank, formerly Community Trust Bank, is more than a century-old, Louisiana-chartered bank which provides a wide range of traditional banking services with 41 banking centers throughout Louisiana, Texas, and Mississippi. Origin Bank is a wholly-owned subsidiary of Origin Bancorp, Inc., a financial holding company with assets of over $4 billion. Origin Bancorp's common stock is not listed on any exchange and is traded through individually negotiated transactions. Member FDIC. To learn more, visit Origin Bank's website at originbankonline.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 $42.1 billion as of December 31, 2015, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Visit fhlb.com for more information.
Federal Home Loan Bank of Dallas
SOURCE Federal Home Loan Bank of Dallas