by Luke Jones
Posted 8/19/2013 12:00 am
A $25,000 economic development grant helped an entrepreneur buy and improve a grocery in a small south Arkansas town.
According to a news release, Roger Hoskins recently purchased the Hermitage Grocery in the Bradley County town of the same name.
“After working here a year, I told the owner if he ever decided to sell the store, I wanted to be the first person to try to buy it,” Hoskins said in the release.
An opportunity arose, but Hoskins was searching for a way he could not only buy the grocery, but also add a deli counter for serving prepared foods.
“I was talking to my banker about wanting to put in the chicken deli, and trying to get the loan to pay off the previous owner, and my banker said there was some grant money that could help me,” he said.
The grant came from the Federal Home Loan Bank of Dallas’ Economic Development Program. Hoskin’s bank, Warren Bank & Trust Co. of Warren, is a member institution of FHLB Dallas.
The release states that grant funding is available for business owners when it would support economic development and community revitalization.
Hoskins was able to get a loan from Warren Bank with funding from a low-cost Economic Development Program advance from FHLB Dallas; the advance was paired with a $25,000 EDP Plus grant. According to the release, it was the first time Warren Bank had used the program.
Hoskins told Arkansas Business that he did not wish to disclose the amount of the loan or advance. He said the grant helped him with a business prospect that would have been “further down the road” otherwise. “It was definitely a plus,” he said.