Photo Release -- EDPPlus Grant Helps New Mexico Business Owner Open Storefront

LAS VEGAS, N.M., April 6, 2012 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Community 1^st Bank Las Vegas are pleased to announce that a $3,000 Economic Development Program Plus (EDP^Plus) grant was awarded to Ron Padilla to open a storefront for his flooring business, Ron's Flooring.

A $3,000 Economic Development Program Plus (EDPPlus) grant awarded by Community 1st Bank Las Vegas and the Federal Home Loan Bank of Dallas (FHLB Dallas) helped business owner Ron Padilla expand his flooring business. The grant accompanied a favorably priced advanced in which Mr. Padilla used to purchase equipment, materials, product displays, and inventory.

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12320

Mr. Padilla has more than 22 years of experience in the flooring industry, and after working for several companies and doing contract work for residential and commercial clients, he decided it was time to step out on his own.

"I've been doing this for a long time," said Mr. Padilla. "Not only do I have a good understanding of the industry, but through my contract work, I understand what it takes to be a business owner. Some days can be hard and the hours can be long, but to me it is worth it in the end."

When it comes to flooring, Ron's Flooring does it all – including carpet, wood, laminate, and vinyl installation. The EDP^Plus grant provided Mr. Padilla additional working capital to purchase retail inventory, product displays, office supplies, and installation tools and equipment. Mr. Padilla said the retail items have proven to be a huge success, since most flooring supplies are not readily available in other local stores. Customers would often have to order or travel to nearby cities to purchase materials. Now, he can offer a one-stop-shop for his customers.

EDP^Plus grants are available through FHLB Dallas member institutions, such as Community 1^st Bank Las Vegas, and are offered in conjunction with Economic Development Program (EDP) advances. EDP provides favorably priced advances to FHLB Dallas member institutions 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.

"Community 1^st Bank Las Vegas is proud to once again assist a deserving local small business owner through the FHLB Dallas EDP and EDP^Plus programs," said Ernesto J. Salazar, executive vice president at Community 1^st Bank Las Vegas. "I especially thank our lenders for walking Mr. Padilla through the process, and our local small business development center for their expertise in completing a business plan for Ron's Flooring. It was truly a collaborative effort, and as a community banker, we strive to provide every opportunity for our customers."

Ron's Flooring opened in January and after just a few months in operation, Mr. Padilla said business is going well.

"I am pleased with the progress we have made so far, and look forward to the upcoming months, since spring is usually our busiest season," said Mr. Padilla. "Overall, this has been a great experience, and I am truly grateful for the support of Community 1^st Bank Las Vegas and FHLB Dallas."

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 website at fhlb.com.

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

The photo is also available via AP PhotoExpress.