WAYNESBORO, Miss., March 30, 2015 /PRNewswire-USNewswire/ -- The
small town of Waynesboro,
Mississippi may have only 5,000 people and three stop
lights, but you'll find a big success here in Reverie Boutique – an
upscale shop offering women's and children's fashion and
accessories.
The store, which began life as two separate businesses, merged
in 2014. It is now owned and operated by two sisters: Sheila Nicholson, and Sherri Merrill, and Amber Lawson, who is Ms. Nicholson's daughter
and Ms. Merrill's niece. Together, they turned the boutique into a
bustling, full-time business, even after a flood in January 2015, which forced the store to close
temporarily while cleaning up two inches of water inside.
"We carry a different style of clothes – for young moms who
still want to be really cute but classy," said Ms. Lawson, who
founded the original Reverie Boutique. Ms. Merrill and Ms.
Nicholson had a separate clothing store and then joined forces with
Ms. Lawson. "After we merged, we decided in 2014 we should purchase
a building instead of renting," Ms. Merrill said.
The business owners banked with First State Bank, a member of
the Federal Home Loan Bank of Dallas (FHLB Dallas). They discussed their
financing needs with First State Bank Vice President Jarrod Frasier, who suggested a loan funded by
an Economic Development Program (EDP) advance from FHLB Dallas to
purchase the building. The trio also qualified for an accompanying
$16,950 EDPPlus grant from
FHLB Dallas, which they used to tear down walls and enlarge the
space inside the one-story building.
As part of the EDP program, the entrepreneurs also worked with
the small business development center at Jones
County Junior College, which assisted them with their
business plan.
FHLB Dallas awards noncompetitive EDPPlus grants
through members, like First State Bank, in conjunction with EDP
advances. The grants are available on a first-come, first-served
basis to promote and enhance small-business development and job
creation. In 2015, FHLB Dallas will make available $1 million in EDPPlus grants through
its member institutions.
Mr. Frasier said First State Bank has used EDP advances and
EDPPlus grants quite a few times, wanting to inject
those funds into the local economy.
"We thought the EDP and EDPPlus programs would work
well for Reverie to purchase a building and make upgrades," said
Mr. Frasier. "By funding the inventory with their savings, the
owners have taken a conservative route of crawling before walking,
so to speak."
He noted that Reverie Boutique had rented their previous space
for a long time, wanting to make sure their core business model was
successful.
"We're wanting to redo more, but it's hard to find the time to
close for the remodeling," Ms. Nicholson said. "Business is going
really well."
Their success is just one of many stories heard by Greg Hettrick, vice president and director of
Community Investment at FHLB Dallas.
"The EDP advance, and its accompanying EDPPlus grant,
offer business owners the rare opportunity to leverage a grant
that's available to for-profit businesses," said Mr. Hettrick. "We
are very pleased to be able to support communities, like
Waynesboro, to grow and thrive
with the EDPPlus and other grant programs."
About First State Bank
Founded in 1934, First State Bank's mission is to be a strong
independent community bank that provides excellent customer service
in an employee friendly environment while striving to maintain
stable growth and maximizing earnings and shareholder value. Member
FDIC. Equal Housing Lender.
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 $38 billion as of
December 31, 2014, is a member-owned
cooperative that supports housing and community development by
providing competitively priced loans 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