Byline Bank Supports Two Local Businesses Through Community First^® Accelerate Grants

In its third and largest year, FHLBank Chicago’s Community First^® Accelerate Grants for Small Business have provided over $10 million in funding to small businesses across Illinois and Wisconsin in 2024.

FHLBank Chicago member, Byline Bank, unlocked $15,000 Accelerate Grants for two local small businesses - Mack’s Bike and Goods located in Evanston, Ill., and Taqueria La Placita de Isabel located in the McKinley Park neighborhood of Chicago. Mack’s Bike and Goods, a full-service bicycle shop and community meeting venue, plans to use the grant to enhance its building exterior. Taqueria La Placita de Isabel, a restaurant that is a staple gathering spot for school-age children and families, will use the grant to purchase a cooler for perishable food items and add seating and outdoor signage, which will free up funds to hire an additional part-time employee. 

“At Mack’s Bike and Goods, we’re more than a bicycle shop; we’re a hub for community connection and sustainable living,” said Kelly Mack, co-owner of Mack’s Bike and Goods. “This grant allows us to make essential upgrades like improving our entrance and signage, creating a safer, more welcoming space for our customers and investing back into our vibrant community in Evanston.”

 

Read more about FHLBank Chicago's support for small businesses.

2025 Downpayment Plus^® (DPP^®) Programs Opening in February

FHLBank Chicago members can access up to $1 million through each DPP program to support their mortgage customers or nonprofits providing mortgage financing.   

• Downpayment Plus - Provides assistance with homebuying costs in the form of forgivable grants up to $10,000 per borrower to help income-eligible individuals and families achieve homeownership.
• Downpayment Plus Advantage^® – Similar to Downpayment Plus, however, nonprofits provide mortgage financing to homebuyers, such as Habitat for Humanity and Neighborhood Housing Services. The nonprofits partner with an FHLBank Chicago member to access DPP Advantage funds. 

 

Affordable Housing Program Announcement

FHLBank Chicago announced that it has awarded over $47 million in grants through the 2024 Affordable Housing Program (AHP) General Fund. Thirty-five awards were made to support the new construction, acquisition, and/or rehabilitation of over 1,300 housing units. For more details, read the full announcement.

 

Hear How Accelerate Grants Are Driving Small Business Growth

In 2024, more than 500 small businesses across Illinois and Wisconsin received grants of up to $30,000 through FHLBank Chicago's Community First^® Accelerate Grants. These grants empower businesses to invest in their future by allowing them to upgrade equipment, purchase supplies, develop their workforce, or adopt new technology. Tune in to our recent episode of the Banking on Connections podcast to hear inspiring stories of how these grants are driving growth and revitalizing communities.

 

Community First^® Diverse Developer Initiative Awards

This fall, FHLBank Chicago partnered with the Diverse Developers Conference to host the 2024 Diverse Developer Initiative awards reception at Taft Law. It was an incredible evening of networking, exchanging ideas, and recognizing the important work of advancing equity in affordable housing, expanding talent opportunities, and fostering community development. The following day, FHLBank Chicago staff attended the 2nd annual Diverse Developers Conference at the Union League Club of Chicago. The theme, Building Sustainable & Resilient Communities, brought together a range of attendees from architects to bankers to learn, plan, and engage with one another. Read more about our commitment to empowering emerging leaders in affordable housing.

 

Upcoming Events

February 26 - 27 | Illinois Housing Council 2025 Illinois Affordable Housing Forum | Navy Pier, Chicago, IL

February 26 - 27 | Illinois Institute for Rural Affairs 36th Annual Rural Community and Economic Development Conference | Abraham Lincoln Hotel, Springfield, IL