Banker-Turned-Pizza Chef Gets the Dough Rolling with EDP Plus Grant from Southern Bancorp and FHLB Dallas
ARKADELPHIA, Ark., Jan. 6, 2015 /PRNewswire-USNewswire/ -- Former commercial banker Toney Livingston and his wife, Sandy, decided in 2014 it was time to work for themselves. They wanted to be the 'big cheeses' — the ones determining their success. They bought several franchises of Big Cheese Pizza and opened the doors to Arkadelphia, Arkansas, on June 24, 2014.
They received a loan funded by an Economic Development Program (EDP) advance and a $25,000 EDPPlus grant from Southern Bancorp and the Federal Home Loan Bank of Dallas (FHLB Dallas).
"We wanted to go with a bank in Arkadelphia as we started the business," said Mr. Livingston, who, like his wife, grew up in the area. "We bought more than 30 franchises in Arkansas and plan to expand north and south. Southern Bancorp has been a tremendous partner in helping us get off the ground, and I know they will be there as we grow."
Big Cheese Pizza used the EDPPlus grant to cover costs of food, marketing, and training. "It was a huge relief to know that money was there. We really appreciate the support of Southern Bancorp and the Federal Home Loan Bank of Dallas."
The pizza restaurant so far has created 30 new jobs, with plans for many more. A condition of receiving the EDPPlus grant required the Livingstons to work with a small business development center. They collaborated with Leah Hasley, business consultant at Henderson State University.
"Initially, the Small Business Development Center at HSU helped with market research. Toney wanted to know the market for restaurants in the Arkadelphia area," she said. "Once he decided to open, we helped him prepare a business plan and get it ready for the lender."
Ms. Hasley pointed out the exclusivity of EDPPlus grants from FHLB Dallas. "They are very unique in the industry. There are grants out there for nonprofits," she said. "But as far as money on the table for the for-profit business, there's very little."
Noncompetitive EDPPlus grants are awarded in conjunction with EDP advances through FHLB Dallas members, like Southern Bancorp. The grants are available on a first-come, first-served basis to promote and enhance small-business development and job creation. In 2014, FHLB Dallas made available $1 million in EDPPlus grants through its member institutions.
Gina Daniell, Southern Bancorp senior vice president, said her organization was pleased to help a hometown entrepreneur. "The EDP fits well with Southern Bancorp's mission," she said. "It is an extension of how we try to help small businesses come to or stay in Arkadelphia."
Arkadelphia, founded in the early 1800s and first known as "Blakelytown" is located in Clark County, 65 miles from Little Rock and 25 miles from Hot Springs. The town of nearly 11,000 people also is home to two universities — Ouachita Baptist University and Henderson State University. With thousands of college students, the town is a dream location for Big Cheese Pizza.
"The EDP advance and EDPPlus grant allow our members to give start-ups an added boost to help get their businesses off the ground," said Steve Otto, vice president and director of Member Sales at FHLB Dallas. "The program provides up to $25,000 in grant money to small business owners. That's a significant benefit that our members can offer their customers."
About Southern Bancorp
Southern Bancorp, Inc. is one of America's largest rural development banks and a U.S. Treasury certified Community Development Financial Institution (CDFI) with approximately $1.1 billion in assets, serving over 80,000 customers at 39 branches in both Arkansas and Mississippi. Southern invests in people and businesses in rural communities; empowers them to improve their lives; and helps them transform their communities. Additional information is available at banksouthern.com & southernpartners.org
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 $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
Photo - http://photos.prnewswire.com/prnh/20150106/167409
Logo - http://photos.prnewswire.com/prnh/20140729/130876
SOURCE Federal Home Loan Bank of Dallas
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