Banks Chip In To Secure Main Street Grant

WATER VALLEY – The Water Valley Main Street Association has been awarded $40,000 in grants from Renasant Bank, Mechanics Bank, and the Federal Home Loan Bank (FHLB) of Dallas.

The grants were provided through the FHLB’s Partnership Grant Program that was developed to provide funding for community-based organizations – nonprofits involved in community development or small business assistance.

The Partnership Grant award is based on the cash contribution of an FHLB member institution. Mechanics Bank and Renasant Bank each contributed $5,000 and applied for a 3-to-1 matching grant from the FHLB.  Both local banks were awarded the full grant, resulting in an additional $30,000 for Main Street.

“Without the active support of these banks and their representatives who are members, directors and officers of our organization, Main Street would not have this great opportunity,” said Mickey Howley, WVMSA Program Director.  “I would like to thank them both for their support, even during tough economic times.”

Cam Tyler, President and CEO of Mechanics Bank said, “The people of Water Valley have supported Mechanics Bank since 1892.  We are excited anytime we can return that support.  We thank the Federal Home Loan Bank of Dallas for partnering with our community to improve the quality of life.  We look forward to working with the Water Valley Main Street Association to see what we can all accomplish together.”

Bill Taylor, president of Renasant Bank in Water Valley and also president of WVMSA, added  “This is the largest grant we’ve ever received.  Having these funds will allow us to complete several smaller projects and at least do some planning for larger projects.”

Under the terms of the grant the funds can be used for visual improvements to Main Street such as the town banners and crosswalks designed by the Charrette team.

 Other uses can include technical assistance for Main Street property owners who want to renovate or expand, and engineering and architectural studies for larger future projects.  “Within those categories, though, I’m sure there will be a lot of discussion among Main Street members on exactly how to spend the money,” said Taylor.

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