COVID-19 Resource Center

During the 2022 FHLBank Chicago Member Meetings, we announced a new advance opportunity that supports members as they recover from the pandemic. This new advance program, the 2022 COVID-19 Recovery Advance, provides significantly-below-market rate advances with a one-year term.

Our 2022 COVID-19 Recovery Advance opens on Monday, May 2, 2022, with funds available through noon on Friday, May 27, 2022.

Introducing the 2022 COVID-19 Recovery Advance

We have allocated funds for all member and associate members to execute the 2022 COVID-19 Recovery Advance up to $5 million. The advance terms include:

Advance Structure:

• 1-year term under the A121 advance type (Fixed Rate, Fixed Term)
• Maximum borrowing amount up to $5 million
• Significantly-below-market rate advance, with the fixed-rate announced weekly
• 2% Reduced Capitalization Advance Program (RCAP) activity stock requirement
  

Other Eligibility Notes:

• A request for this advance can be made one time only per member or associate member institution.
• Unlike the prior COVID-19 Relief Advances, a prepayment fee will be charged for 2022 COVID-19 Recovery Advances.
• Funds are subject to our regular collateral requirements; in the near term, we encourage you to ensure your institution has the necessary collateral capacity to take out this advance.

IMPORTANT NOTE: Application for this advance is a mandatory takedown and the advance must settle before it can be prepaid.

See the table below for summary schedule of fixed-rate announcement, application deadline, and advance settlement.

Next Steps

Applying for the 2022 COVID-19 Recovery Advance:

*Once an advance has settled, institutions will no longer receive the weekly fixed-rate email in future weeks.

My institution has an existing COVID-19 Relief Advance:

• Contact your Sales Director for cost-efficient strategies to avoid wire transactions or to fund any maturity gaps. 

Visit our 2022 COVID-19 Recovery Advance application page to request an advance. Once successfully submitted, you will receive a confirmation email that we received your request.

Please see our 2022 COVID-19 Recovery Advance FAQ for more details. 

April 2021

About the May 2021 COVID-19 Relief Advance

What is it?

Through the Targeted Impact Fund, we have allocated sufficient funds for all member institutions to access grants to provide direct support to those most impacted by the COVID-19 crisis as well as organizations that promote equity and opportunity for communities of color. While this grant program seeks to provide targeted relief for maximum community impact, we know every community’s needs are unique. For this reason, we are offering members the flexibility to provide relief grants to beneficiaries that align with one or more of four program priorities below.  

• Fund opened: Monday, August 17, 2020
• Fund closed: Deadline extended to Tuesday, November 10, 2020 (final applications due this date)

What is it?

• 1-year, zero-rate advance up to $4 million per member
• Prepayable at any time, without fee
• 2% Reduced Capitalization Advance Program (RCAP)
• Available for all FHLBank Chicago member and associate member institutions
• Collateral and all other advance eligibility requirements apply

The program was available for four weeks: Monday, April 27 -  Friday, May 22.

April 2020

What Is It?

• Grants up to $20,000 are available per member and associate member institution.
• Beneficiaries are small businesses and nonprofit organizations in Illinois and/or Wisconsin as selected by member or associate member institution.

The program was available for four weeks: Monday, April 27 - Friday, May 22.

The Federal Home Loan Bank of Chicago (FHLBank Chicago) makes no representations or warranties (express or implied) about the accuracy, currency, completeness, or suitability of any information provided on this page. The data and valuations provided on this page are for information purposes only and are provided as an accommodation and without charge. The information provided on this page is not intended to constitute legal, accounting, investment or financial advice or solicitation, or the rendering of legal, accounting, consulting, or other professional services of any kind. You should consult with your accountants, counsel, financial representatives, consultants and/or other advisors regarding the extent this information may be useful to you and with respect to any legal, tax, business and/or financial matters or questions. The information provided on this page may contain forward-looking statements which are based upon the FHLBank Chicago’s current expectations and speak only as of the date(s) thereof. These forward-looking statements involve risks and uncertainties including, but not limited to, the risk factors set forth in the FHLBank Chicago’s periodic filings with the Securities and Exchange Commission, which are available on the Financial Information webpage. This page may provide relevant links to other outside web sites unrelated to FHLBank Chicago. FHLBank Chicago is not responsible for such linked sites nor the content of any of the linked sites. You understand that when going to a third-party web site, that site is governed by the third party’s privacy policy and terms of use, and the third party is solely responsible for the content and offerings presented on its website.

In addition, certain information provided on this page speaks only as of the particular date or dates included, and the information may have become out of date. FHLBank Chicago does not undertake an obligation, and disclaims any duty, to update any of the information included on this page. Because the situation relating to the COVID-19 pandemic continues to evolve, information here may become stale at any given time. Last updated April 14, 2022.