Helping Communities Weather The Tough Times With Our Small Business Advance

FHLBank Chicago Community Small Business Advances are one product helping to ease the burden small businesses such as farms are facing with rising operating costs. The Community Small Business Advance has a 0% fixed rate for the member with a fixed term up to 10 years, enabling the member to provide a secure, low-cost source of funds to their customer to support the creation or retention of jobs. Joe and Mary Holle, third generation farmers in Baldwin, Wisconsin, worked with FHLBank Chicago member bank, Pillar Bank, formerly First Bank of Baldwin, to take advantage of this opportunity. “The Holle family has been part of our Baldwin community for decades and I knew they, and other farms here, had recently been facing unprecedented hurdles,” said Michael Speltz, Chief Financial Officer, Pillar Bank. “Armed with the right tools like the FHLBank Chicago advance, we’re helping our community weather the tough times.” With the advance, the Holle family secured discounted funding to retain three jobs and purchase a new corn planter, which helps them more efficiently apply seed and fertilizer.

“We’re thankful for our partnership with Pillar Bank for giving us access to the right financial tools when we needed them most,” said Mary Holle. “This investment is already paying off now, and will continue in the years to come.”