Nebraska Enterprise Fund Awarded Economic Development Grant

Nebraska Enterprise Fund (NEF) of Oakland Nebraska has been awarded a $25,000 economic development grant. FHLBank, a wholesale financial institution of which First National Bank Northeast is a member, awarded the grant through its Joint Opportunities for Building Success (JOBS) program. JOBS help financial institutions throughout Colorado, Kansas, Nebraska and Oklahoma promotes jobs and economic growth in their communities. Roy Miller, President of First National Bank Northeast, stated “I am proud to sponsor the $25,000 grant to the Nebraska Enterprise Fund, as they have had positive impact on many small business entities in our rural area.  It is with combined efforts that business succeed, and the NEF is a good partner in that success.”

The JOBS grant will provide NEF with the opportunity to engage in Board Development exercises to strengthen the governance and supervision of NEF. A portion of the grant will be designated for the development of the strategic plan and key outcomes along with the development and strengthening of the NEF board. The balance of the funding will be designated as loan loss reserve allowing NEF to leverage additional SBA funds and maintain a healthy Loan Loss Reserve fund that supports NEF in the future as it better leverages its existing resources.

FHLBank Topeka is one of 12 wholesale banks nationwide that provide liquidity and various programs that help community financial institutions meet the residential housing finance and economic development needs of their communities. FHLBank Topeka awarded nearly $1 million in JOBS funding in 2014 and serves more than 790 members throughout Colorado, Kansas, Nebraska and Oklahoma.