For Immediate Release
Contact: Stephanie Roon, 312-552-2777, email@example.com
The Federal Home Loan Bank of Chicago (FHLBC) today announced that $250,000 was granted through its new Community First Capacity-Building Grant Program to six nonprofit lending institutions in Illinois and Wisconsin. Below is a list of award recipients receiving grants and the member financial institution with whom they partnered in the application process.
|CAP Services Inc.||BMO Harris Bank, N.A.|
|First American Capital Corporation||Town Bank|
|Neighborhood Housing Services of Chicago, Inc.||The PrivateBank and Trust Co.|
|SomerCor 504 Inc.||Glenview State Bank|
|Southern Illinois Coal Belt Champion Community, Inc.||First National Bank in Pinckneyville|
|Wisconsin Native Loan Fund||Bay Bank|
The FHLBC launched the program earlier this year to support the growth of nonprofit lending institutions promoting affordable housing and economic development in Illinois and Wisconsin. Through its member financial institutions, the FHLBC provides grants to help qualifying nonprofit community development loan funds, community development financial institutions, and community development corporations build their financial, operational, and human capital.
Eligible uses of Community First Capacity-Building Grants include:
- Market research to expand existing programs
- Professional development of staff
- Creation or expansion of a strategic plan for the organization
- Improvement of lending policies and procedures
- Enhancements to management and information systems
- Improvements to lending portfolio and financial reporting
- Development of mission-related outcomes reporting
Only nonprofit lenders in the FHLBC’s district of Illinois and Wisconsin were eligible for consideration. Evaluations were based on each organization’s mission, strength, strategy to increase community development lending within Illinois and Wisconsin, and proposed uses for the grant funds.