PECOS, N.M., Sept. 5, 2013 (GLOBE NEWSWIRE) -- Kristine Roybal and her husband, Fernando Roybal, have experimented for years with making beef jerky at home. Family and friends loved their beef jerky so much that the couple decided to start their own beef jerky business.
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After a few years of planning, The Crave Beef Jerky was born. With her mom's support, Mrs. Roybal, a former computer engineer, left the corporate world and began working on her business plan with the help of the Small Business Development Center at Luna Community College. One of the staff members in the office informed her that she might qualify for a small business grant offered by the Federal Home Loan Bank of Dallas (FHLB Dallas).
Mrs. Roybal approached Community 1 st Bank of Las Vegas, which provided a loan to The Crave Beef Jerky. The loan was funded by an Economic Development Program (EDP) advance from FHLB Dallas. In addition, the business received a $15,551 EDP Plus grant from FHLB Dallas.
EDP Plus grants are available through FHLB Dallas member institutions, such as Community 1 st Bank of Las Vegas, and are offered in conjunction with EDP advances. The program provides favorably priced advances to FHLB Dallas member institutions to support economic development and community revitalization projects that qualify by location, income, or targeted services. If a member institution is approved for an EDP advance, the member's customer may then be eligible for an accompanying EDP Plus grant.
Since 2002, FHLB Dallas has awarded 10 EDP Plus grants totaling nearly $190,000 through Community 1 st Bank Las Vegas.
"Community 1st Bank of Las Vegas is committed to helping small business owners in northeastern New Mexico," said Ernesto Salazar, executive vice president of Community 1 st Bank of Las Vegas. "Partnering with FHLB Dallas is a great tool that we try to use with new and expanding business owners when possible. We are fortunate and blessed to be able to help Mrs. Roybal with this new business venture and I think this will be a great success for not only the Roybals, but also for New Mexico. Thanks to our local small business development center and FHLB Dallas for being a great partner and helping us make this plan come to fruition."
With some financial backing from her mom, Carmen Archuleta, the grant, and the loan, Mrs. Roybal was able to get her beef jerky business off the ground.
The Roybals purchased a quarter acre of land in Pecos, New Mexico. The land had an existing structure, which was demolished so that a new building could be constructed to serve as the processing facility for the business.
"We were really excited about the grant and we weren't sure if we would qualify," Mrs. Roybal said. "We're really happy with what we got, and it helped us out a lot."
The building contains a dehydrator, which can process 50 to 60 pounds of raw meat per batch. Over the years the Roybals have experimented with a variety of flavors, and now offer green chili, chili caribe, lemon pepper, garlic pepper, chili pequin, pepper, and of course, original (salted) beef jerky.
The beef jerky is sold at trade shows, rodeos, state fairs, and other events. Mrs. Roybal said she is working with the U.S. Department of Agriculture to get The Crave Beef Jerky into stores.
"I'm working 13- to 14-hour days just getting this business going," Mrs. Roybal said. "We go to different parts of New Mexico, and sometimes the kids go with us to help us sell. It's pretty intense. We're able to vend at state fairs, rodeos and other venues throughout New Mexico. That's where the grant has really come in handy, helping us to buy all the things we really need."
Since opening, Mrs. Roybal has settled into the role of small business owner and everything that title brings.
"I always wanted to own my own business. I didn't think it would be beef jerky, per se. It's a lot of work. You're on your feet most of the time and you do a lot of cleaning to keep everything sanitized, but it's going pretty well."
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 $32.7 billion as of June 30, 2013, 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. For more information, visit the FHLB Dallas website at fhlb.com .
The photo is also available via AP PhotoExpress.
Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
