Federal Home Loan Bank of Chicago Announces COVID-19 Relief Program to Support Communities in Illinois and Wisconsin
CHICAGO, April 20, 2020 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (FHLBank Chicago) today announced it is providing approximately $30 million for a COVID-19 Relief Program to support all of its member institutions and the communities they serve in Illinois and Wisconsin.
"Supporting our members is our highest priority," President and CEO Matt Feldman said. "We are committed to helping our members help their customers and communities, and that is particularly true in times like these."
The COVID-19 Relief Program opens on Monday, April 27, with funding available through Friday, May 22. The program provides FHLBank 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. The COVID-19 Relief Program also offers a grant up to $20,000 for each FHLBank Chicago member and associate member to assist small businesses and nonprofit organizations in their communities directly impacted by the COVID-19 pandemic.
In addition to the COVID-19 Relief Program, FHLBank 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 added. "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."
About the Federal Home Loan Bank of Chicago
The mission of the Federal Home Loan Bank of Chicago is to partner with our member institutions in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the Bank, and support for community investment activities. FHLBank Chicago is one of 11 Federal Home Loan Banks chartered by the U.S. Congress in 1932 to promote homeownership. Our members include banks, thrifts, credit unions, insurance companies, and community development financial institutions throughout our district. To learn more about FHLBank Chicago and its full range of products and programs, visit fhlbc.com or follow us on Twitter @FHLBC. "Community First" is a registered trademark of the Federal Home Loan Bank of Chicago.
SOURCE Federal Home Loan Bank of Chicago
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