Chelsea McClaran, manager of the Family Dollar store in DeMotte, Ind., is thrilled with her new store, which was funded with $1.125 million in Community Investment Program (CIP) economic development funds secured through FHLBI member, New Buffalo Savings Bank, New Buffalo, Mich.
McClaran noted that traffic in the store has increased by at least two times what it was in the previous strip mall location. "I'm now routinely the #1 store in my district," she said. "And there are 16 stores in the district. Sales have increased three times what they were since we have had this new location."
Among the reasons for the increase, McClaran noted that the new location offers DeMotte area residents more parking and more product options in a less crowded space.
"In the old building, customers couldn't walk down the aisles if we were stocking. There wasn't room. And we offered fewer choices as a result."
As another bonus, the new and larger store also meant four additional part-time cashier positions were created, bringing the total employee count at the store to nine, with McClaran, two assistant managers, and six cashiers.
CIP advances and letters of credit are an economical way for FHLBI members to borrow long-term funds to support local economic development. CIP advances back affordable housing projects, commercial and economic development, and mixed-use developments.