Deadline: 03-Sep-21
The FHLBank Chicago is pleased to launch Community First Capacity-Building Grants Program that aims to provide nonprofit, non-depository lenders grant funds to strengthen their financial position, operational efficiency, and/or human capital in support of affordable housing, economic development, and small business lending in FHLBank Chicago’s district of Illinois and Wisconsin.
The Community First Capacity-Building Grant Program fills a gap in funding for nonprofit lenders, providing them with operational support that can otherwise be hard to find, giving them the opportunity to expand their capacity, and increasing their impact on affordable housing and economic development in Illinois and Wisconsin.
Through their member institutions, They offer grants of up to $50,000 to help qualifying nonprofit community development loan funds (CDLFs), community development financial institutions (CDFIs), and community development corporations (CDCs) strengthen their financial position, operational efficiency, and/or human capital.
These grants are an opportunity for their members to increase their support of nonprofit lending institutions working in their communities and for these organizations to create or build on partnerships with their members.
Applications for the Capacity-Building Grant Program are accepted annually.
Funding Information
- Grant Amount: Applicants may request up to $50,000 to support one or multiple uses of funds.
- The size of the grant awarded may not be the full amount requested if not property supported.
Eligible Funding
Eligible uses include, but are not limited to:
- New program or product development.
- Market research to expand existing programs.
- Marketing and branding.
- Professional development of staff and/or board(s).
- Creation or improvement of lending policies and procedures.
- Creation or expansion of strategic plan.
- Enhancements to information technology and systems.
- Improvements to lending, financial, and/or mission-related reporting.
Eligibility Criteria
Eligible Organizations:
- Applicants must be nonprofit, non-depository lenders with a primary mission of community development focused on serving low-income, low-wealth, and other disadvantaged people and communities.
- The Capacity-Building Grant Program supports organizations with affordable housing, economic development, and/or small business loan programs in FHLBank Chicago’s district of Illinois and Wisconsin.
- This may include regional and national organizations with a lending footprint in FHLBank Chicago’s district. Applicants must be non-governmental entity.
- If the applicant is part of or controlled by another entity, that entity also must have a primary mission of community development.
Examples of eligible organizations may include, but are not limited to:
- Community Development Financial Institutions (CDFIs);
- Community Development Loan Funds (CDLFs);
- Community Development Corporations (CDCs).
For more information, visit https://www.fhlbc.com/community-investment/community-first-programs/community-first-capacity-building-grants