DALLAS, Aug. 31, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce it has awarded Z's Cafe a $3,000 economic development grant through Southwest Bank in Fort Worth, Texas.
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Z's Cafe is the brainchild of Fort Worth caterer and personal chef Janet Z. Capua, and her son and business manager, Carlo Capua. The Capuas say they would not have been able to open the business without the help of the FHLB Dallas EDPPlus grant, which they used to purchase equipment.
"Starting a business in the economy now is tough, so we had to really bootstrap," Mr. Capua said. "We could not have done this without the grant."
The grant was awarded under the FHLB Dallas EDPPlus program, which operates through member financial institutions on a noncompetitive, first-come, first-served basis, and offers grant money in conjunction with a favorably priced loan for the development of local business in underserved or revitalized areas. An EDP loan was issued through Southwest Bank, allowing the business to qualify for the accompanying grant.
The teamwork between Charleen Goldston, Southwest Bank Senior Vice President; Cindi Pimentel, Southwest Bank Community Development Officer; and Steve Dutton, CEO and President of Samaritan House; helped make the dream venture a reality.
"Southwest Bank is proud to be a part of Z's Cafe and its collaboration with Samaritan House," said Vernon Bryant, Chairman and CEO of Southwest Bank. "The Federal Home Loan Bank of Dallas EDPPlus grant and low interest loan program provided a great benefit for Southwest Bank to offer this customer. This was Southwest Bank's first EDPPlus grant transaction and we are glad that Z's Cafe qualified."
Before opening the cafe, the Capuas had catered several lunches for the Board of Directors of the Samaritan House, which provides permanent supportive housing to homeless individuals and families, including children, affected by HIV/AIDS, and other special needs.
When the Fort Worth Community Arts Center approached Mr. Dutton about opening a cafe inside the building through a program the Samaritan House has to help residents reenter the workplace, he immediately thought of partnering with the Capuas.
The Capuas opened the cafe in February, and now employ 11 Samaritan House residents.
"Your financial assistance was so important," Mr. Dutton said. "Banks typically do not want to loan money to start-up restaurants, but having the ability to supplement our request with the offer of a grant, I'm sure, made it much easier for Southwest Bank to say 'Yes, we'll take on this project.'"
The business, located within the Fort Worth Community Arts Center at 1300 Gendy Street in Fort Worth, is in the heart of Fort Worth's cultural district. The restaurant, open from 10 a.m. to 2 p.m. Monday through Saturday, is a popular draw for artists, arts organizations, and visitors to the area.
About 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 $72.1 billion as of June 30, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit FHLB Dallas's web site at fhlb.com.
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