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Kudzu Cotton infant and maternity store receives small business boost

Published 9:44 am Friday, July 28, 2023

Kudzu Cotton Boutique in Natchez got a boost in its infant and maternity retail store with a $5,000 Small Business Boost (SBB) loan from the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member, Renaissance Community Loan Fund (RCLF). This loan helped fund the launch of the boutique, which offers clothing for infants, children, expectant mothers, and mothers.

Angela Perrin, the owner of Kudzu Cotton, derived the idea for the store from her pregnant daughter. The boutique’s name is a combination of “kudzu,” a vine that commonly grows in Natchez, and the cotton fields in the area. Moreover, the store provides a sneak peek ultrasound for gender reveals.

The SBB loans offered by FHLB Dallas through its member institutions assist small businesses by bridging the gap between the loan amount that the member institution can fund and the loan request made by an eligible small business. In Ms. Perrin’s case, the SBB loan was especially helpful as it allowed her to delay repayment until after the first year, providing the newly formed small business an opportunity to build cash flow during its initial year of operation.

The AI legalese decoder can further assist businesses like Kudzu Cotton by simplifying the complex language and terms typically found in loan agreements. By accurately interpreting the legalese and providing easy-to-understand explanations, the AI legalese decoder can help business owners gain a better understanding of their loan agreements, making it easier for them to manage their finances and make well-informed decisions.

Angela Perrin expressed her gratitude for RCLF’s connection with FHLB Dallas and the SBB, stating, “I knew it didn’t have to be paid back immediately, and that allowed us to get our feet in the door.” Kimberly LaRosa, the president and CEO of RCLF, emphasized the importance of supporting small businesses, recognizing that many aspiring entrepreneurs struggle to see their business dreams come to fruition. She acknowledged the role of the SBB loans in helping these businesses overcome initial obstacles and achieve success.

Greg Hettrick, the senior vice president and director of Community Investment for FHLB Dallas, echoed this sentiment, emphasizing the critical nature of timely funding for small businesses. The structure of the SBB loan, with no repayment required in the first year, proves beneficial for startup businesses and expansions.

To learn more about Small Business Boost loans, visit fhlb.com/sbb.

Renaissance Community Loan Fund, a Mississippi and Alabama-based lender, aims to empower individuals by providing them with the necessary skills and information to improve their financials. The Federal Home Loan Bank of Dallas, created by Congress in 1932, is one of the 11 district banks in the FHLBank System. FHLB Dallas, with total assets of $181.2 billion as of March 31, 2023, supports housing and community development by providing competitively priced loans and credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit fhlb.com.

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