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Federal Home Loan Bank of Dallas Offers $1 Million in Small Business Recovery Grants for Businesses in New Mexico

BY Business Wire | AGENCY | 12/18/24 12:07 PM EST

Funds Will Help Those Affected by Flooding and Wildfires

DALLAS--(BUSINESS WIRE)-- In response to the challenges faced by small businesses impacted by flooding and wildfires in New Mexico, the Federal Home Loan Bank of Dallas (FHLB Dallas) is offering $1 million in grants through the Small Business Recovery Grant (SBRG) program to support recovery efforts in affected counties.

The program will be available to eligible small businesses via FHLB Dallas member institutions starting Thursday, January 2, 2025, on a first-come, first-served basis.

?We hope these grants will help impacted businesses get back on their feet, and we are optimistic that this funding through our members will aid in that effort,? said FHLB Dallas? Executive Vice President Bre Chapman.

Under the SBRG program, FHLB Dallas will provide grants up to $20,000 per eligible small business to use for building rehabilitation and repair, machinery and equipment repair or replacement and inventory replacement.

The SBRG is a noncompetitive grant program that assists member financial institutions in providing relief to small businesses that have been impacted by severe weather. The funds are intended to assist with reasonable and necessary expenses that are not otherwise covered by insurance or other reimbursement.

FHLB Dallas does not provide direct-to-consumer grants. SBRG funds are only available through FHLB Dallas member institutions. Check with your financial institution or click here to find your nearest FHLB Dallas member institution. Learn more about the SBRG at fhlb.com/sbrg.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $124.9 billion as of September 30, 2024, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.

Source: Federal Home Loan Bank of Dallas

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