The Federal Home Loan Bank of Chicago (FHLBank Chicago) is pleased to announce that our Community First^® Accelerate Grants (Accelerate Grants) for Small Business will open on June 3, 2024. To meet increased market demand for small business support, we are making $19.5 million available to fund up to 1,300 grants across Illinois and Wisconsin.  

Grant funds can be used for a variety of purposes, including purchase or improvement of property, equipment, workforce development, and technology. Applications for grant funding are submitted by FHLBank Chicago members on behalf of their small business partners. Eligible small business applicants 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, and have annual gross revenue of $1 million or less. 

FHLBank Chicago’s 2024 funding capacity allows us to support each member and associate member. We encourage all members to submit grant applications to receive up to $30,000 on behalf of eligible small businesses with which they have had a business relationship for at least 12 months. Funding may be awarded either as a single grant of $30,000 to one business or as two separate grants of $15,000 to two different businesses. 

Members will be able to access applications in eBanking on June 3. Visit our Accelerate Grants webpage for program details and to view inspirational stories from previous grant recipients.