Banks Partner To Provide Louisiana Nonprofit $8K In Grant Funds
Origin Bank, Progressive Bank and FHLB Dallas partnered to award Louisiana nonprofit, NOVA Workforce Institute of Northeast Louisiana $8,000 in Partnership Grant Program funds to offset operational and administrative costs.
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MONROE, La. (BUSINESS WIRE) – Origin Bank, Progressive Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) partnered to award a Louisiana nonprofit organization $8,000 in Partnership Grant Program (PGP) funds. Bank representatives recently joined leadership from NOVA Workforce Institute of Northeast Louisiana (NOVA) at the Monroe Chamber of Commerce to announce the funds. NOVA will use the funds to offset operational and administrative costs, as well as help facilitate training and educational opportunities for clients.
This is the third grant NOVA has received from FHLB Dallas, bringing their total grant awards to $36,000.
“As a nonprofit, the greatest challenge we face is typically funding,” said Paul West, NOVA executive director. “What this grant does is it has continued to allow people the opportunity to move into self-sufficiency through living wage jobs.”
Origin Bank Senior Vice President and Northeast Market Leader Billy Haddad said communities and financial institutions have a lot to gain from the PGP.
“The Partnership Grant Program helps promote economic growth and strengthens our relationships with the community,” said Mr. Haddad. “We’re proud to make a positive impact on the community through the PGP.”
Through the PGP, FHLB Dallas matches a member’s contribution to a community-based organization (CBO) of $500 up to $4,000 at a 3:1 ratio for a maximum $12,000 contribution. Awarded annually via a lottery system through FHLB Dallas members, PGP grants may be used for research, organizational capacity-building, grant- and funding-application assistance or contractual services.
Jeff Laudenheimer, senior vice president, private banking relationship manager at Progressive Bank said the PGP will help NOVA continue its mission.
“NOVA is not just helping individuals find fulfilling careers, but also helping develop the community’s economic landscape by connecting businesses with job candidates,” said Mr. Laudenheimer. “We are proud to support the important service that NOVA provides to the community through the PGP.”
“The PGP is unique because it supports the use of funds for operational, training or marketing expenses,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We appreciate having another opportunity to support NOVA with our members, without whom this wouldn’t be possible.”
Mr. West said he is thankful for the partnership with the financial institutions.
“Many other grant programs don’t offer capacity-building support, so it is nice to know that if we wanted to write a grant or something, we can pay for contractual services through the PGP,” said Mr. West. “You can’t just get a 3 to 1 match anywhere. Our partnership with the banking institutions in this community have been very supportive of what we do.”