The Federal Home Loan Bank of Chicago (FHLBank Chicago) is now accepting applications for its Community First Accelerate Grants for Small Business (Accelerate Grants), a new program offering for 2022. Accelerate Grants help small businesses in Illinois and Wisconsin grow and develop, creating economic opportunity in the communities FHLBank Chicago members serve. In 2022, FHLBank Chicago expects to award $750,000 in Accelerate Grants, not to exceed $25,000 per small business.
Small Business Eligibility
To qualify, a small business must:
- Be a for-profit entity
- Be headquartered in either Illinois or Wisconsin
- Have been established under its current ownership for at least 12 months prior to September 30, 2022
- Have annual gross revenue of $1 million or less
Application Process
Small businesses need to complete and submit an application in partnership with an FHLBank Chicago member. FHLBank Chicago will only consider thoroughly completed applications with required supporting documentation. Applications and required supporting documentation should be emailed to ci@fhlbc.com by September 30, 2022. FHLBank Chicago members may only submit up to two applications in an annual application round.
Important Dates
- Application Round Opens ǀ August 16, 2022
- Application Round Closes ǀ September 30, 2022
- Awards Announcement ǀ November 2022
Additional information can be found here:
https://www.fhlbc.com/news/details/2022/08/16/community-first-accelerate-grants-for-small-business-2022-funding-round-open