SANTA FE, N.M., May 14, 2015 /PRNewswire-USNewswire/ -- Irene Deubel, owner of a Dunkin' Donuts franchise in Santa Fe, New Mexico, has been the driving force behind delicious doughnuts for decades. She began her Dunkin' Donuts career in 1972, prepping the pastries after they came out of the oven. But when she took over the baking, she knew she had found her sweet spot.
"That was definitely me," she said. "Back then, it was all hand-cutting. Now it's automated. I just loved cutting doughnuts. I worked next to a big window, and people would watch me. It was fun."
She worked her way up, becoming assistant manager, then manager. In 2005, she bought the popular store at 1085 St. Francis Drive, which sells about 300 dozen doughnuts daily. It is open 24 hours a day, 364 days a year and closed only on Christmas Day. Except in 2014, the location, with 21 employees closed for a week. "Every 10 years, you're remodeling your store," Ms. Deubel said. "We totally gutted the building. Now she's beautiful."
The renovation, financed by a loan from Century Bank, was funded by an Economic Development Program (EDP) advance from the Federal Home Loan Bank of Dallas (FHLB Dallas). In addition, Ms. Deubel also qualified for an accompanying $24,630 EDPPlus grant from FHLB Dallas.
Ms. Deubel said the grant was very helpful "because when you're shut down for a week there are a lot of expenses. We used it for supplies, new machines, and a new oven." The renovation also included a new hood system over the oven, new couches, barstools, TVs, a stainless-steel bar, coffeemakers, and a new roof.
Noncompetitive EDPPlus grants are awarded in conjunction with EDP advances through FHLB Dallas members, like Century Bank. The grants are available on a first-come, first-served basis to promote and enhance small business development and job creation. The Dunkin' Donuts renovation created four new jobs.
"The EDPPlus grants are tremendously effective in building our relationships with customers," said Century Bank Vice President David Valdez. "We are able to provide them with capital that can be sorely needed in today's economic environment. Century Bank is proud to be able to help our customers and, in turn, our communities."
In 2014, FHLB Dallas provided $997,276 in grants through 25 member institutions for 49 economic development projects. In 2015, FHLB Dallas has made another $1 million available for EDPPlus grants. As of May 8, approximately $416,000 remained available for funding.
Requirements of the EDPPlus grant program led Ms. Deubel to the Santa Fe Small Business Development Center (SBDC), where she received help in polishing her business plan and putting together financial projections.
Deborah Collins, a certified business advisor and marketing coordinator at the Santa Fe SBDC, said the area's economy still struggles. "An unexpected capital infusion really makes a difference for small business owners," she said. "The EDPPlus grant is one of the best economic development tools I have seen in a long time. We are grateful to FHLB Dallas for their generous support of this need."
Greg Hettrick, vice president and director of Community Investment at FHLB Dallas, agreed, saying the EDP advance and grant program support economic development activities, which improve the quality of life in communities.
"The EDP advance is a competitively priced loan that allows small-business owners to enhance the investments they make in their businesses," he said. "The related EDPPlus grant is a very unique equity infusion. It benefits small businesses and our members, who are able to offer what other institutions typically cannot."
About Century Bank
Established in 1887, Century Bank is a locally owned community bank that offers a full range of quality banking products and services to businesses and residents of Santa Fe, Española, Albuquerque, Las Cruces, and Rio Rancho, New Mexico. For more information, visit the bank's website at MyCenturyBank.com.
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 $36.9 billion as of March 31, 2015, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 865 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