Mom realizes her dream of owning a daycare center with the help of a small business loan

MCCOMB, Miss–(BUSINESS WIRE)–A $100,000 Small Business Boost (SBB) loan from the Renaissance Community Loan Fund (RCLF) and the Federal Home Loan Bank of Dallas (FHLB Dallas) helped close the financing gap for McComb, Mississippi, mom Carmen Walsh to buy a daycare.

SBB is offered by FHLB Dallas through member financial institutions such as RCLF to provide financing for qualified small business transactions by bridging the gap between the loan amount an FHLB Dallas member institution can fund and loan application made by an eligible small business. CFF loans are unsecured and subordinated to the principal loan granted by the member financial institution.

In Ms. Walsh’s case, her RCLF loan of $381,300 was supplemented with $100,000 of SBB funds from FHLB Dallas, as well as a micro-loan from the Small Business Administration, to make the purchase of the McComb Learning possible. Center in McComb, Mississippi.

After years in a corporate environment that required a lot of travel, Ms. Walsh saw owning the daycare her children attended not only as a career move in a field she had always loved, but also as an opportunity to be home for her children.

“SBB helped me get to the signature table to make my dream come true,” said Ms. Walsh. “I am grateful for this opportunity to have a positive impact on McComb’s children.

RCLF has concluded 10 CFF loans in 2021 with FHLB Dallas.

“This is a thriving learning center that has operated in McComb for years and Ms. Walsh is originally from the area,” said Kimberly LaRosa, RCLF President and CEO. “SBB provided the back-up financing we needed to close the deal.”

Ms Walsh said the nursery’s former owner had become a dear mentor and friend over the years, and she approached the owner about a sale – twice – before convincing her to sell.

Another advantage of SBB is that the borrower only starts repaying the loan after the first year. This feature is designed to help a small business generate essential cash flow in the first year of the loan.

Greg Hettrick, senior vice president and director of community investment for FHLB Dallas, said access to capital can be difficult for small businesses.

“The RCLF is used to partnering SBB with their own loan products to obtain the capital needed to start and expand businesses, creating jobs and opportunities,” he said.

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About Renaissance Community Loan Fund

The Gulf Coast Business Council created Gulf Coast Renaissance Corp. (now Renaissance Community Loan Fund) in 2006, in the aftermath of Hurricane Katrina, to help rebuild the Mississippi Gulf Coast by closing the gap in need for safe and affordable workforce housing. Since then, Renaissance has helped bring noticeable improvements to communities by fostering community and economic development through various programs implemented to deliver effective and meaningful results.

About Federal Home Loan Bank of Dallas

Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system established by Congress in 1932. FHLB Dallas, with total assets of $63.5 billion as of December 31, 2021, is a cooperative owned by its members 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

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