EDP PLUS Grant Boosts New Waynesboro Restaurant

WAYNESBORO, Miss., March 1, 2012 (GLOBE NEWSWIRE) -- Thomas Chancey of Waynesboro, Mississippi, opened his first restaurant, Boondock Eddies, in the summer of 2011. Named for its remote location, Boondock Eddies serves a little bit of everything -- including steaks, seafood, hamburgers, sandwiches, and delicious desserts -- to keep its customers coming back for more.

Mr. Chancey purchased the building from its previous owner, who had closed the restaurant six months prior. An Economic Development Program (EDP) advance and an accompanying $24,075 Economic Development Program Plus (EDP^Plus) grant issued by the Federal Home Loan Bank of Dallas (FHLB Dallas) through First State Bank enabled Mr. Chancey to purchase the vacant building and rename and renovate it to meet his needs.

"Owning a restaurant was something I always wanted to do, but I had never gotten around to it," said Mr. Chancey. "I love to cook, and when the building came up for sale, I did some research and decided to give the restaurant business a try."

The EDP provides favorably priced advances to FHLB Dallas member institutions, such as First State Bank, to support economic development and community revitalization projects that qualify by location, income, or targeted services. If a member institution is approved for an EDP advance, the member's customer may then be eligible for an accompanying EDP^Plus grant. EDP^Plus grants are noncompetitive and available on a first-come, first-served basis to promote and enhance small business development and job creation in underserved areas or to underserved populations. FHLB Dallas has made available $1 million in EDP^Plus grant funds in 2012.

For the past 26 years, Mr. Chancey has owned and operated Athletic Locker, a sporting goods retail store in Waynesboro. He said through the years of owning Athletic Locker, he has learned to successfully manage and operate a small business, and understands the needs of his community. The idea of opening a restaurant stemmed from his many years of experience in cooking and catering meals for his church. Mr. Chancey also assisted in the kitchen of a friend's restaurant, The Smokehouse, in Laurel, Mississippi, where he helped prepare food and worked with the catering manager.

"This grant helped me further my dream as a small business owner," said Mr. Chancey. "It really helped me speed up the process of getting the restaurant up and running."

Jarrod Fraiser, loan officer at First State Bank, worked with Mr. Chancey and helped him obtain the grant funds. 

"EDP^Plus really gives small business owners a boost in starting, expanding or growing their business," said Mr. Fraiser. "We believe local business is the driving force of our community. As community bankers, our job is to promote these business owners and help them better serve our community."

Boondock Eddies is open for lunch and dinner on Thursdays, Fridays, and Saturdays, and it created 11 new jobs for the community. It serves approximately 700 people each weekend, many of whom Mr. Chancey said are locals. Mr. Chancey has utilized various advertising venues, such as the local newspaper, radio, social media, and free T-shirts from his sporting goods store. Boondock Eddies also sponsors a Little League baseball team, and the uniforms display the restaurant's logo. Boondock Eddies also promotes local high school football games by offering "All You Can Eat Catfish" gift certificates to lucky fans.

"I would definitely recommend the EDP^Plus program and First State Bank to any small business owner," said Mr. Chancey. "All businesses need capital, and it's nice to have a little extra on hand."

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 $33.8 billion as of December 31, 2011, 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 the FHLB Dallas web site at fhlb.com.

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