DALLAS--(BUSINESS WIRE)--In response to the growing demand for small business funding, the Federal Home Loan Bank of Dallas (FHLB Dallas) is expanding its successful Small Business Boost (SBB) program by adding $1.27 million in funds, bringing the total available funding in 2024 to $4.27 million.
“Small businesses are the backbone of our communities, particularly in smaller towns and rural areas,” said Steve Otto, senior vice president and head of member sales at FHLB Dallas. “The SBB is a valuable resource to bring in more local businesses and help communities thrive.”
Launched in 2019, the SBB program provides recoverable assistance to finance the startup or expansion of qualified small businesses. SBB funds help participating members provide financing for qualified small businesses by filling the gap between what the member can finance and the loan request made by an eligible small business. In 2024, FHLB Dallas initially made $3 million available to members to provide secondary loans to their customers.
Typical uses of the program include the startup or expansion of a small business, including building purchase, land acquisition, construction, equipment, working capital and other related uses. As small businesses grow and repay, funds are recycled back into the SBB program to be reinvested in other small businesses, which can create more jobs over time.
So far this year, FHLB Dallas has approved 44 loans totaling more than $2.8 million.
Learn more about the SBB program.
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 $126.2 billion as of June 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 our website at fhlb.com.
