Nonprofit Supporting Mississippi Minority Businesses Receives $20K Grant from FHLB Dallas and BankPlus
JACKSON, Miss., Oct. 10, 2014 /PRNewswire-USNewswire/ -- The Mississippi Minority Business Alliance (MMBA) was honored last week with a $20,000 Partnership Grant Program (PGP) award from BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas).
Founded in 1997, the MMBA exists to create and enhance opportunities for minority- and women-owned businesses in Mississippi. The nonprofit plans to use the grant funds to expand its outreach to minority businesses in rural and non-urban areas, particularly the delta region, the Gulf coast, and central and northern Mississippi.
"I applaud the opportunities that this institution is providing," said Hattiesburg Mayor Johnny DuPree, who also serves on the MMBA Board of Directors. "For the MMBA, it shows the level of commitment to help all Mississippians realize their dreams of owning businesses of success."
Through the PGP, FHLB Dallas awards partnership grants through its member institutions, to provide funding for the operational needs of community-based organizations involved in affordable housing and economic development. FHLB Dallas matches a member's cash contribution to a community-based organization of $500 up to $5,000 at a 3:1 ratio. Through its member institutions, FHLB Dallas awarded $225,000 in partnership grants in 2014.
"BankPlus and MMBA both appreciate the commitment and support from the Federal Home Loan Bank of Dallas," said Debra McGee, senior vice president and director of minority business development at BankPlus, who also serves on the MMBA Board. "This funding will assist MMBA with creating jobs and economic development opportunities for minority- and women-owned businesses, particularly in the rural and non-urban areas of Mississippi."
The MMBA's success is validated by statistics from the U.S. Small Business Administration, which reported a 57 percent increase in minority- and women-owned businesses between 2002 and 2007. The total count was 46,823 businesses for that time period. In all, Mississippi had 231,801 small businesses in 2008, which made up 96 percent of the state's employers.
"BankPlus has enjoyed a longstanding relationship with the MMBA over the past nine years," said David Johnson, senior vice president and director of community development at BankPlus. "I served on the MMBA Board of Directors for many years and witnessed firsthand the positive impact the organization has had on minority business development." Mr. Johnson was awarded the MMBA Pacesetter Award this year, which recognizes an individual for greatly contributing to the Mississippi minority business climate, while serving as a model to be imitated by others.
In its 17 years of working on behalf of minority- and women-owned businesses, the MMBA has provided:
- More than 1,500 individuals, organizations, and business owners with training and technical assistance
- Approximately 300 start-ups and existing businesses with one-on-one business counseling
- Hosted more than 60 networking opportunities
"The MMBA is vital to minority and women business owners in Mississippi because of the organization's commitment to opportunity for all. We are honored to partner with BankPlus in supporting the MMBA," said Greg Hettrick, vice president and director of community investment, FHLB Dallas.
About BankPlus
BankPlus, with total assets of more than $2.4 billion, has over 60 banking offices in 33 Mississippi communities. BankPlus offices are located in Belzoni, Bentonia, Brandon, Byram, Canton, Clinton, D'Iberville, Durant, Flora, Flowood, Gluckstadt, Hernando, Holly Bluff, Horn Lake, Isola, Jackson, Lexington, Madison, Meridian, Newton, Olive Branch, Pearl, Picayune, Pickens, Poplarville, Quitman, Ridgeland, Shubuta, Southaven, Stonewall, Tchula, Waynesboro and Yazoo City. For additional information on BankPlus, please visit www.BankPlus.net.
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 $33.6 billion as of June 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances 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
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SOURCE Federal Home Loan Bank of Dallas
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