Santa Fe Music Store Gets Boost From Economic Development Grant

For 40 years, Strings & Things has been a gathering place for local musicians in Santa Fe, New Mexico.  With the help of a $25,000 EDP^Plus grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and an advance (loan) from Century Bank, the owners plan to take the business to a new level.

Strings & Things, now doing business as The Candyman Strings & Things, a full-line musical instruments store, was recently bought by former General Manager Rand E. Cook, and his wife, Cindy Cook.  The couple will use the EDP^Plus grant to expand the business, picking up 4,000 square feet of space, expanding into woodwinds and brass winds, and opening a six-studio music education center.  The business also received an Economic Development Program (EDP) loan through Century Bank.

FHLB Dallas’s EDP^Plus program operates through member financial institutions on a noncompetitive, first-come, first-served basis, and offers grant money in conjunction with a favorably priced loan for the development of local business in under-served or revitalized areas.

“Century Bank looks at every avenue of funding to maximize our service and commitment to small businesses,” said David Valdez, Vice President Commercial Lending.  “Our partnerships with the Federal Home Loan Bank of Dallas and the Small Business Administration work on many levels and ultimately stimulate our local economy by helping small businesses such as (The Candyman) Strings & Things.  It was our pleasure to work with everyone involved."

Mr. Cook says the EDP^Plus grant has given the expanding business some breathing room.

“Essentially from the beginning, the grant gave us some peace of mind,” Mr. Cook said. “The bank account was padded so we didn’t have to be real worried about how much money was coming through the door. That has allowed us to start planning for our expansion in our future home.”

The business is planning a 40th anniversary celebration and grand reopening in September, at which time it plans to unveil a small coffee shop and community space.

“Taking the business model to the next level centers around community activity,” Mr. Cook said. “Music stores are a natural hangout. We wanted to really capitalize on that concept, and create a space where artists can share musical war stories and have a cup of coffee. The education side and community side are coming together.”

About Century Bank

Established in 1887, Century Bank is a locally owned community bank that offers a full range of quality banking products and services to businesses and residents of New Mexico.  For more information, visit the bank’s web site at centurynetbank.com.

About 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 $68.7 billion as of March 31, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas.  For more information, visit FHLB Dallas’s web site at fhlb.com.