CHICAGO, March 14, 2017 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (FHLBC) has announced the introduction of Community First Capacity-Building Grants, a new program to support the growth of nonprofit lending institutions promoting economic development and affordable housing in Illinois and Wisconsin. Through its member financial institutions, the FHLBC will provide grants of $10,000 to $100,000 to help qualifying nonprofit community development loans funds and community development financial institutions (CDFIs) build their financial, operational, and human capital.
"Our new Community First Capacity-Building Grants are designed to fill a gap in funding for nonprofit lenders," said Suzi Thackston, FHLBC Community Investment Officer. "Investing in the development and expansion of loan programs is critical to these organizations; however, we recognize that support for general operations goes hand-in-hand in supporting long-term organizational sustainability. We want to be a source of funding to help nonprofit lenders grow, become more self-sufficient, and better respond to industry changes."
Eligible uses of Community First Capacity-Building Grants might include:
- Market research to expand existing programs
- Professional development of staff
- Creation or expansion of a strategic plan for the organization
- Improvement of lending policies and procedures
- Enhancements to management and information systems
- Improvements to lending portfolio and financial reporting
- Development of mission-related outcomes reporting
Applications will be accepted April 3 through May 5. To apply, nonprofit lenders should contact one of the FHLBC's member financial institutions in their area; the application and a list of members can be found at www.fhlbc.com.
Only nonprofit lenders with a footprint in the Bank's district of Illinois and Wisconsin will be considered. Evaluation will be based on each organization's mission, strength, strategy to increase community development lending within Illinois and Wisconsin, and proposed uses for the grant funds. After initial review, the FHLBC will request additional information from eligible applicants, and award recipients will be announced in August.
For More Information
To learn more about the Federal Home Loan Bank of Chicago's Community First Capacity-Building Grant Program or to download an application, please visit the Community Investment section of www.fhlbc.com.
For more information about the FHLBC and its full range of Community Investment programs, please visit www.fhlbc.com or @FHLBC.
SOURCE Federal Home Loan Bank of Chicago