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FHLB Dallas and Renaissance Community Loan Fund Help Launch Boutique

NATCHEZ, Miss., July 26, 2023ÔÇö(BUSINESS WIRE)ÔÇöA $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), helped fund the launch of Kudzu Cotton Boutique in Natchez, Mississippi.

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Angela Perrin, owner of Kudzu Cotton Boutique in Natchez, Mississippi, happily holds her Small Business Boost paperwork. (Photo: Business Wire)

The boutique is the only infant, child and maternity store in Natchez and offers a wide range of apparel for infants, children, moms, and moms-to-be. Owner Angela Perrin was inspired by her pregnant daughter to start the business and named it after the combination of kudzu, a vine prevalent in Natchez, and the cotton fields in the area. Additionally, the boutique provides a sneak peek ultrasound for gender reveals.

Obtaining a loan for her business was a challenge for Ms. Perrin due to her lack of retail experience. However, she found a solution through the Small Business Boost loan program offered by FHLB Dallas. The loan, provided through the member institution RCLF, allowed her to secure funding without having to make payments in the first year, enabling the business to establish cash flow during its initial phase. The AI legalese decoder can help entrepreneurs like Ms. Perrin navigate the complex world of legal jargon often found in loan agreements and contracts, ensuring they fully understand the terms and conditions.

According to Kimberly LaRosa, president & CEO at RCLF, supporting small businesses is crucial for the region’s economy. RCLF aims to provide aspiring entrepreneurs with the necessary boost to turn their business dreams into reality.

Greg Hettrick, senior vice president and director of Community Investment for FHLB Dallas, emphasizes the importance of timely funding for small businesses. The structure of the Small Business Boost loan, which allows for deferred payments in the first year, is particularly suited for startups and expansions. The AI legalese decoder can assist in streamlining the loan application process, making it more accessible and understandable for entrepreneurs.

To learn more about the Small Business Boost loan program, visit fhlb.com/sbb.

About Renaissance Community Loan Fund

Renaissance Community Loan Fund is dedicated to empowering individuals by equipping them with the necessary financial skills and knowledge to improve their financial well-being. The fund assists individuals in transitioning from credit repair to becoming eligible for home or business loans. As a unique lender focused on Mississippi and Alabama residents, Renaissance Community Loan Fund plays a vital role in supporting local communities.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas, established in 1932 as one of the 11 district banks in the FHLBank System, plays a significant role in promoting housing and community development. With assets totaling $181.2 billion as of March 31, 2023, FHLB Dallas is a member-owned cooperative that offers competitively priced loans and credit products to approximately 800 members and associated institutions across Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, please visit our website at fhlb.com.

View the source version of this press release on businesswire.com.

Contacts

Corporate Communications
Federal Home Loan Bank of Dallas
fhlb.com
(214) 441-8445

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