FHLBank Chicago Opens 2025 Community Small Business Advance Program
Update: The 2025 program opened on Tuesday, Feb. 18 at 10 a.m. CT. Funding is available on a first-come, first-served basis until our $15 million subsidy is exhausted. Due to overwhelming demand, funding is fully reserves, and new applications are not being accepted at this time. If you are an FHLBank Chicago member and have any questions, please contact your Sales Director directly or our Member Transaction Desk at mtd@fhlbc.com or 855.345.2244, option 1. Thank you to our members for their participation!
Small businesses play an integral role in local communities in driving economic growth, from creating jobs to fostering community development. The Federal Home Loan Bank of Chicago (FHLBank Chicago) will be accepting applications from members for our 2025 Community Small Business Advance beginning Feb. 18 at 10 a.m. CT.
The Community Small Business Advance provides FHLBank Chicago member financial institutions with a 0% advance rate to finance significantly below-market rate loans for their small businesses customers in low- and moderate-income communities across Illinois and Wisconsin. Funding is available on a first-come, first-served basis until the $15 million subsidy is exhausted.
The program’s key features include:
- 0% advance rate to finance loans up to 4.5% interest rate
- $500,000 max interest rate subsidy per member (or holding company)
- Eligible for small businesses in census tracts at or below 100% AMI
- 120 days to execute the advance (monthly reminders provided)
Downpayment Plus® (DPP®) Programs Now Open
We also opened our DPP Programs at 7 a.m. CT this morning, Feb. 18. DPP and Downpayment Plus Advantage® (DPP Advantage®) offer FHLBank Chicago member financial institutions easy-to-access down payment and closing cost assistance to help their income-eligible customers achieve homeownership. View the full announcement.