The Federal Home Loan Bank of Chicago announced it is providing approximately $30 million for a COVID-19 relief program to support its member institutions and the communities they serve in Illinois and Wisconsin.
The program will open on Monday, April 27, with funding available through Friday, May 22. The program provides FHLB Chicago member and associate member financial institutions with a 1-year zero-rate advance up to $4 million to help meet their immediate liquidity needs. It also offers a grant up to $20,000 for each member and associate member to assist small businesses and nonprofit organizations in their communities directly impacted by the COVID-19 pandemic.
“Supporting our members is our highest priority,” said President and CEO Matt Feldman. “We are committed to helping our members help their customers and communities, and that is particularly true in times like these.”
Additionally, FHLB Chicago increased the available funding through its Community First® Capacity-Building Grant Program from $250,000 to $500,000 and extended the application deadline to Friday, May 22, to accommodate heightened demand. The Community First Capacity-Building Grant Program assists nonprofit lenders by helping to strengthen their financial position, increase operational efficiency, and grow human capital.
“Times such as these require us all to do whatever we can to help,” Feldman said. “We hope that this relief program, in addition to the regular sources of funding we already provide to our members, will have a positive impact in communities throughout Illinois and Wisconsin.”