Community Advance

The Community Advance streamlines multiple community advance products into a single product with an improved application and approval process. The new Community Advance product enhances financing and activity eligibility, while offering competitive pricing to support your lending initiatives that incentivize community impact activities.

The Benefits of Community Advance

The Community Advance offers an improved process for application and approval as well as product improvements to eligibility, pricing, and requirements. 

Both floating and fixed rate advances available
No match funding requirements
Improved pricing through tiered discounts of up to 200bps based on financing type or underlying activity supported such as housing construction and rehabilitation loans, and funding for non-depository CDFI and nonprofit mortgage originators.
Expanded eligibility includes mortgage-backed securities, revenue bonds, LIHTCs; loans to/purchases from non-depository CDFIs & nonprofit originators; all eligible small businesses qualify—no AMI limit.
Streamlined documentation, including upfront certifications.
Frictionless online application and approval process will minimize time to apply, confirm eligibility, and receive approval within minutes.

One Flexible Community Advance

Simplifying Access, Expanding Eligibility, Improving Pricing.

Enhanced Experience

Single Community Advance product
Online application with faster processing
Consistent terms and requirements

Expanded Eligibility

Loan originations, securities comprised of affordable mortgages, participation interests, and LIHTC credits
Loans to/purchases from non-depository CDFIs and non profit mortgage originators.

Better Pricing

Discounts: 10.5 to 200 basis points (bps)

What Our Members Are Saying

Learn more

“CoVantage Credit Union used the Community Advance to secure funding at a competitive discount, enabling the construction of three multifamily units in Illinois and 12 single family homes in Wisconsin. The combination of the webinars, platform, and member support made the process clear and efficient, enabling us to obtain reduced borrowing costs without impacting our members' construction timelines.”

Mary Massey

Chief Financial Officer, CoVantage Credit Union

“We have used the Community Advance to help make affordable loans to our customers. It’s the American Dream—people want to own homes, and we want to make it as affordable and easy as we can for our community.“

Ellen Mielke

Executive Vice President and Chief Financial Officer, Fox Valley Savings Bank

“This opportunity came at the ideal time when all banks were struggling with liquidity. After the pandemic, as the economy started to slow down, a lot of deposits left our community banks. The Community Advance gave us the liquidity we needed to help our customers grow—it was a true win-win.”

Nick Kuhns

VP, Chief Credit Officer, First Community Bank of Hillsboro

How Can You Participate?

Community Advance Product Sheet

Identify

Identify eligible activities within your communities that can be supported through your participation in the product — activities must be closed or settled within the past 90 calendar days from the advance execution

Complete

Complete the online application and get real-time eligibility confirmation and approval within minutes — no more waiting 24 to 48 hours

Submit

Submit streamlined documentation, including upfront member certification