Eligible small business applicants must:

• Be a for-profit entity
• Be headquartered in either Illinois or Wisconsin
• Have been established under its current ownership for at least 12 months
• Have an annual gross revenue of $1 million or less
• Have a business relationship with the member for the prior 12 months or more prior to application submission date
• Provide goods or services in a business sector that directly contributes to community-building

Grants are intended to strengthen a Recipient's financial position, operational efficiency and/or human capital. Small Businesses may use Accelerate Grants for the following purposes:

• Purchase or improvement of property
• Machinery, tools, or equipment
• Inventory, materials, or supplies
• Workforce development or training 
• Technology

Examples of ineligible uses include but are not limited to:

• Salaries, wages, stipends, and/or benefits for new or existing interns and/or staff
• Litigation costs and expenses

FHLBank Chicago members identify small businesses that are making a difference in their community. All members are encouraged to submit up to two electronic applications.  Details on where applications for the 2024 round may be found are coming soon! The applicant should clearly articulate how the grant funds will increase the small business's capacity to further its missions or purpose. FHLBank Chicago will only consider thoroughly completed applications. 

FHLBank Chicago will evaluate applications based on eligibility requirements, and overall FHLBank Chicago priorities. Specific evaluation factors may change by program year and are detailed in the Program Guidelines. 

• Grant funds will be disbursed upfront and in full to the FHLBank Chicago member through their Daily Investment Deposit (DID) account.
• Grant recipients receive disbursed grant funds from the FHLBank Chicago member.
• Members will be responsible for disbursing funds in accordance with the Grant Agreement.
• Members will certify that funds were used in accordance with approved uses.

• Grant recipients are required to submit an impact report post-award.
• Reporting requirements include, at a minimum, a narrative describing progress and outcomes in addition to an updated budget detailing uses of funds.