ALEXANDRIA, LOUISIANA, July 9, 2020 – Red River Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded $48,000 in Partnership Grant Program (PGP) funds to two nonprofits serving the Alexandria area.
Together, the two banks awarded a total of $105,000 in PGP grants to eight to organizations in Louisiana. PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities.
Serving Grace, an afterschool elementary-age enrichment program for lower-income and under-served communities in central Louisiana, received $30,0000. Serving Grace plans to use PGP funds to expand its capacity to serve adults by developing a financial education program to help low- and middle-income adults become more financially secure.
“While meeting the educational needs of the students we serve, we discovered their parents and guardians were struggling to keep up with basic needs,” said Ashley Mack, executive director of Serving Grace. “The PGP grant will allow us to expand our services to help the parents with financial literacy programs.”
Red River Bank and FHLB Dallas also provided $18,000 to Hope House of Central Louisiana, which provides safe transitional housing and essential services to the homeless. Hope House plans to use the grant funds to expand its services into permanent affordable housing by building eight to 10 affording housing units.
“The PGP grant will allow us to get this expansion moving as it will help us fund the planning and development phases of this goal,” said Sandy Ray, CEO and executive director of Hope House.
Red River Bank said both nonprofits will be using the grants to fill needs they’ve identified as critical in Alexandria.
“These two organizations have worked for years to assist some of our most vulnerable citizens and we are grateful for this opportunity to help them expand their services,” said Jannease Seastrunk, vice president and CRA officer at Red River Bank.
Red River Bank believes strongly in community outreach, said R. Blake Chatelain, president and CEO of Red River Bank.
“Red River Bank could not be happier to serve our community by supporting Hope House of Central Louisiana in building permanent affordable housing, as well as Serving Grace in expanding their capacity to serve adults,” Mr. Chatelain said.
Funding under FHLB Dallas’ PGP was increased by $2 million in 2020 under FHLB Dallas’ COVID-19 Relief Program to support CBOs involved in affordable housing activities, stimulating small business development or providing small businesses with technical assistance. The use of funds for these organizations was expanded to include COVID-19 relief.
“Red River has tapped into the PGP program for a number of years and by doing so it has made a positive impact in the communities it serves. We are pleased to be a partner with them,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.
Through this unique grant program, FHLB Dallas member institutions contribute from $500 to $6,000 to a CBO, which FHLB Dallas matches at a new, higher 5:1 ratio (compared to the previous 3:1 ratio) resulting in a match of up to $30,000. If multiple member institutions contribute to the same CBO in one year, the maximum FHLB Dallas match for those member contributions is $60,000 per year. In both cases, the total grant to the CBO would be the sum of the member contribution(s) plus the FHLB Dallas match. Grants are awarded annually through FHLB Dallas and its member institutions.