The Federal Home Loan Bank of Chicago has expanded its grants to small businesses through a variety of means, including increasing funding to $19.5 million for Community First Accelerate Grants for Small Business, according to a news release.
Eligible small businesses must have a relationship with an FHLBank Chicago member who can submit a grant application. Pending approval, a company receives either a single grant of $30,000 for one company or two separate grants of $15,000 for two different companies.
FHLBank also expanded its support of the Community Small Business Advance program to $15 million for below-market-rate loans to businesses in low- and moderate-income communities.
“Small businesses play an essential role in local communities in driving economic growth, from creating jobs to promoting community development,” Katie Naftzger, senior vice president and community investment officer at FHLBank Chicago, said in the release. “As a leader in housing and community development, FHLBank Chicago recognizes that affordable housing is not just about the homes themselves – it is about ensuring entire communities have what they need to thrive, including economic opportunities for the residents and small businesses who call them home.”
