FHLBank Chicago Invests $27M to Empower Small Businesses

In celebration of Small Business Saturday, the Federal Home Loan Bank of Chicago (FHLBank Chicago) announced a remarkable investment of over $27 million in 2024 to support small businesses through its Community First® Accelerate Grants and Community Small Business Advance programs. These initiatives provided financial assistance to more than 700 small businesses in Illinois and Wisconsin, with over 56% of the grants awarded to diverse-owned enterprises. The funding has enabled businesses to stabilize finances, upgrade equipment, expand operations, and introduce new services.

Since the launch of the Accelerate Grants program in 2022, over $15 million has been distributed, highlighting FHLBank Chicago’s commitment to fostering inclusivity and equity within the small business sector.
Among the recipients were Mack’s Bike and Goods in Evanston, Illinois, and Taqueria La Placita de Isabel in Chicago’s McKinley Park neighborhood. Each received a $15,000 grant to fund critical improvements.
Mack’s Bike and Goods plans to enhance its storefront to create a safer and more inviting space for customers. Co-owner Kelly Mack emphasized the grant’s importance, stating, “We’re more than a bike shop; we’re a hub for sustainable living and community connection.”
Taqueria La Placita de Isabel will use the funds to purchase a cooler for perishable foods, add outdoor signage, increase seating capacity, and hire additional staff, reinforcing its role as a cherished community gathering place.

FHLBank Chicago also increased funding for its Community Small Business Advance, raising the subsidy to $18 million from $10 million in 2023. This program facilitated over $100 million in loans at below-market rates, empowering business owners in low- and moderate-income communities to make larger strategic investments. For instance, Alliance Bank in Mondovi, Wisconsin, helped a local farmer purchase 173 acres of farmland, supporting rural economic growth.
Through these efforts, FHLBank Chicago reaffirms its dedication to driving economic development, creating opportunities, and strengthening communities.