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Thursday, February 22, 2024/Categories: Bank News, Community
Platteville, WI (January 2024)– Badger Brothers Coffee was awarded a $25,000 grant through their partnership with Community First Bank on behalf of the Federal Home Loan Bank of Chicago (FHLBank Chicago) through its Community First® Accelerate Grants for Small Business (Accelerate Grants).
Community First Bank recognizes the importance that our small businesses have in our local communities and the sacrifices those small businesses make. We are proud to call Badger Brothers Coffee a valued customer of Community First Bank and thank them for their support of the Platteville, WI and Mt. Horeb, WI communities.
Small businesses are facing challenges with growing or enhancing their operations due to surging borrowing costs in a high-interest rate environment. In response to this need, FHLBank Chicago awarded Accelerate Grants for a second year to support a variety of purposes, including purchase or improvement of property, equipment, workforce development, and technology. FHLBank Chicago member banks, credit unions, insurance companies and community development financial institutions submitted grant applications on behalf of eligible small businesses with which they have had a business relationship for at least 12 months.
FHLBank Chicago awarded $4.3 million in total grants to 172 deserving businesses to provide economic and community development throughout Illinois and Wisconsin – more than quadrupling their investment in Accelerate Grants year over year.
“Small businesses in our members’ communities provide valuable products and services that contribute to local economies,” said Katie Naftzger, Community Investment Officer, FHLBank Chicago. “Accelerate Grants provide an opportunity for our members to strengthen their partnerships with local small businesses, thereby supporting economic growth and job opportunities and strengthening the fabric of the rural, urban, and small-town communities served by our members.”
FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members’ customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions, and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com.