Payments
FHLBank Chicago expands small business grants to $19.5M
June 11, 2024
The Federal Home Loan Bank of Chicago expanded its grants to small businesses through a variety of means, including boosting funding to $19.5 million for Community First Accelerate Grants for Small Business, according to a press release.
Eligible small businesses must have a relationship with a FHLBank Chicago member who can submit the grant application. Pending approval, the business gain either a single grant of $30,000 to one business or two separate grants of $15,000 to two different businesses.
FHLBank also expanded its subsidy for the Community Small Business Advance to $15 million for below-market rate loans to businesses in low-and-moderate income communities.
"Small businesses play an integral role in local communities in driving economic growth, from creating jobs to fostering community development," Katie Naftzger, SVP, community investment officer, FHLBank Chicago, said in the release. "As a leader in the housing and community development space, FHLBank Chicago recognizes that affordable housing isn't just about the homes themselves—it's about ensuring entire communities have what they need to thrive, including economic opportunities for the residents and small businesses who call them home."
