Photo Release -- Economic Development Grant Assists Women's Fitness Center with Equipment Purchase


SEARCY, Ark., Feb. 23, 2010 (GLOBE NEWSWIRE) -- Kristy Morris credits her banker for giving her the heads up on an economic development grant that helped finance new equipment for her Searcy, Arkansas, fitness center.

Photos accompanying this release are available at

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"A $3,660 EDP Plus grant from the Federal Home Loan Bank of Dallas (FHLB Dallas), issued through Liberty Bank of Arkansas, made the equipment purchase possible," said Ms. Morris, president and owner of a Contours Express location in Searcy.

"Jim Dixon, who is my banker, approached me about it to see if I'd be interested," Ms. Morris said of the EDP Plus grant. "My bank really did a lot to help me. If it had not been for them, I would not have known about it. As a new business, I would not have been in a position to purchase this equipment."

Ms. Morris's business was less than two years old when she received the EDP Plus funds to buy an elliptical machine and a treadmill, two popular pieces of fitness equipment sought by her members and potential customers.

Contours Express, which employs three, caters to women and competes with another fitness franchise in Searcy also focused on women. Ms. Morris said the new machines have given her business a boost during a tough economic climate where the state unemployment has been better than the national average, but still high at 7.7 percent as of December 2009.

"Last year was very difficult just because of the economy in Searcy, but having that equipment is one of the things that makes people decide to come here," Ms. Morris said.

"The grant allows a small, but growing business a leg up," said Debra Taylor, vice president of lending at Liberty Bank. "Earlier in 2009, Liberty provided a loan for working capital and thought the company was a good candidate for the EDP Plus grant," she said.

"It was a business that we thought could thrive," Ms. Taylor said. "This gave them the ability to bring in new business and improve their cash flow -- and also to maintain business."

Ms. Taylor said Liberty Bank provided six EDP Plus grants totaling $71,379 in 2009 and hopes to raise that amount to $100,000 this year.

The grants provide an avenue for small businesses to access capital and is helping to stimulate the economy by retaining and creating jobs, she said. To find out more about EDP Plus grants, businesses should check to see if their bank is a member of FHLB Dallas by visiting the Membership section of its web site at  fhlb.com.

The FHLB Dallas EDP Plus program operates through member financial institutions on a noncompetitive, first-come, first-served basis, and offers grant money in conjunction with a favorably priced advance for the development of local businesses in underserved or revitalized areas. An Economic Development Program (EDP) advance also was issued through Liberty Bank of Arkansas, allowing the business to qualify for the accompanying grant.

For more information about FHLB Dallas programs, please contact the Corporate Communications Department at 214.441.8445.

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 $65.1 billion as of December 31, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.  For more information, visit the FHLB Dallas web site at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013

The photos are also available via AP PhotoExpress.



            
FHLB Dallas and Liberty Bank of Arkansas Award Grant to Searcy Business Economic Development Grant Assists Small Business Small Business Owner Assisted by Economic Development Grant

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