As the COVID-19 pandemic and its economic impact continue to ravage communities across our District, some populations have been disproportionately affected by this crisis, including Black, Latino, Native American, elderly, rural, and low- and moderate-income communities. In response to their needs and the related interest many members have expressed in addressing racial equity disparities in their cities and towns, today we are announcing the creation of a $14 million Targeted Impact Fund. This additional grant program will provide each member up to $20,000 in grants to support relief efforts for populations hardest-hit by COVID-19.
Although a remarkable 98% of our members participated in our COVID-19 Relief Program this past spring, we know that additional investment in the communities you serve remains essential. Through this additional program, we reaffirm our commitment to support you as you assist underserved populations and communities across Illinois and Wisconsin.
Targeted Impact Fund
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. Eligible beneficiaries must align with at least one of the following program priorities:
- Support for Minority Business Enterprises (MBEs) and/or Women’s Business Enterprises (WBEs) to develop, grow, and/or rebuild small businesses classified as an MBE or WBE; an MBE is a business with over 50% minority ownership, and a WBE is a business with over 50% female ownership.
- Advancement of Black and Latino communities through organizations that promote a fair and inclusive society or otherwise promote equity and racial justice.
- Empowerment services for populations hardest-hit by COVID-19 including but not limited to Black, Latino, Native American, elderly, and rural communities.
- Support for affordable housing sustainability to assist low- and moderate-income households through entities that provide or promote affordable housing via rental assistance programs, housing counseling agencies, homeless services, fair housing agencies, and affordable housing projects in need of operational support.
Key Dates and Funding Information
- Fund opens: Monday, August 17, 2020
- Fund closes: Wednesday, September 30, 2020 (final applications are due on this date)
- Grant requests can be made throughout the funding period. Grant requests will be funded on three funding dates: September 4, September 18, and October 2. To be funded on one of these dates, members must submit a Targeted Impact Fund application by 3:00 p.m. CST on the Wednesday before the funding date.
- If we are unable to process your grant request in the funding period in which your request is received, your request will be processed on a subsequent funding date.
- Accessible to all member and associate member institutions
- A request for a grant can be made one time per member or associate member institution
- Base grant amount per member: up to $15,000
- Members may receive up to $5,000 in additional grant funds for committing to match some or all of the base grant dollars. For more information regarding matching funds, please see the FAQ on our COVID-19 Resource Center.
- $5,000 minimum contribution to each grant beneficiary
- Grant beneficiaries must be located in Illinois or Wisconsin
- Non-competitive process aimed to maximize impact
- The application process is similar to the COVID-19 Relief Program. The PDF application can be found on the COVID-19 Resource Center and emailed, by the member or associate member institution, to ReliefGrant@fhlbc.com.
Visit our COVID-19 Resource Center to access an FAQ, the fund application, additional information on qualifying beneficiaries, and other resources to help you get started.
For More Information
For questions, please reach out to your Sales Director or the Community Investment and Diversity and Inclusion Department at ReliefGrant@fhlbc.com. You can also attend our Weekly Market Update on Thursday, August 13, or Thursday, August 20, to learn more about the Targeted Impact Fund and to have your questions answered.
Thank you for making a difference in your communities. We are proud to play our part to address the inequalities that exist in our country and the communities we serve.
President and CEO