Community First® Fund
The Community First Fund is a revolving loan fund that provides direct support to community development financial institutions, community development loan funds, and state housing finance agencies serving Illinois and Wisconsin. It supplies lower-interest-rate, long-term financing to help recipients expand their capacity for affordable housing and economic development lending.
Funding Local Growth
The Community First Fund provides organizations the resources they need to employ their expertise and allocate funds according to the demands they see at the local level. Among the unique features of the fund is its capacity to support economic development in addition to the Federal Home Loan Bank of Chicago's traditional emphasis on affordable housing.
Mission
The Community First Fund’s mission is to provide access to capital that supports meeting affordable housing and economic development needs in the communities that FHLBank Chicago members serve in Illinois and Wisconsin.
Bringing Play and Learning to Life in Downtown Janesville
Impact Seven, a Wisconsin-based CDFI, is partnering with FHLBank Chicago to bring the Children’s Museum of Rock County to life—a community-driven project addressing the need for dedicated spaces where children can play and learn.
In 2025, Impact Seven secured an $8 million loan through FHLBank Chicago’s Community First Fund (CFF). Loans through the CFF support Impact Seven’s ability to fund various community development projects. In 2025, they provided a $2 million loan to support development of this $12 million children’s museum facility in Janesville, Wis. The project repurposes a vacant former community bank building, demonstrating the power of placemaking to revitalize downtown spaces while meeting local needs.
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Supporting Revenue-Based Financing for Local Entrepreneurs
Allies for Community Business (A4CB) received a second $750,000 loan disbursement from the Community First Fund to expand support for small business owners. The funding enables microloans and a new revenue-based financing pilot, which offers flexible repayment terms tied to monthly revenue.
A4CB provides capital, coaching, and connections to entrepreneurs, with a focus on those who are Black, Latino, women, or low-income. “Our average loan is $11,000, but some entrepreneurs need more and more flexibility,” said Brad McConnell, CEO of A4CB. “This pilot delivers larger capital and aligns repayment with revenue.”
One A4CB support recipient is A & L Environmental LLC, founded by Lateshia Jackson and her husband Anthony. Initially limited to small demolition jobs, they struggled with upfront payroll costs. “Banks turned me down, but Allies said yes,” said Lateshia. “They kept checking in and really want minority teams to grow.” A & L has since worked on projects for the Chicago Housing Authority and HUD.
Community First Fund Resources
Community First Fund Product Sheet
The Community First Fund is a $50 million revolving loan fund that provides direct support to community development financial institutions, community development loan funds, and state housing finance agencies serving Illinois and Wisconsin.