Community First® Accelerate Grants for Small Business 2022 Funding Round Update

  • December 2, 2022

UPDATE:  Due to a large volume of applications for the first year of the Accelerate Grant for Small Business program (162 applicants for a maximum of 30 grants), the review process is taking longer than expected. We understand that there is interest in the timing for when the awards will be announced.  We are finalizing our reviews and anticipate making award announcements in mid-December. The applicant and the member will be notified via email of their award status.


- Posted August 16, 2022 - 

The Federal Home Loan Bank of Chicago (FHLBank Chicago) is now accepting applications for its Community First Accelerate Grants for Small Business (Accelerate Grants), a new program offering for 2022. Accelerate Grants help small businesses in Illinois and Wisconsin grow and develop, creating economic opportunity in the communities FHLBank Chicago members serve. In 2022, FHLBank Chicago expects to award $750,000 in Accelerate Grants, not to exceed $25,000 per small business.

Small Business Eligibility

To qualify, a small business 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 prior to September 30, 2022
  • Have annual gross revenue of $1 million or less

Application Process

Small businesses need to complete and submit an application in partnership with an FHLBank Chicago member. FHLBank Chicago will only consider thoroughly completed applications with required supporting documentation. Applications and required supporting documentation should be emailed to by September 30, 2022. FHLBank Chicago members may only submit up to two applications in an annual application round.

Important Dates

  • Application Round Opens ǀ August 16, 2022
  • Application Round Closes ǀ September 30, 2022
  • Awards Announcement ǀ November 2022



For questions and technical assistance, please contact Community Investment at or 312.565.5824.

Contact Us

Please direct all media inquiries to:

Casey Reidy 
Director, Communications

Heather Bockstruck
Assistant Director, Communications