The Federal Home Loan Bank of Chicago is creating a $14 million Targeted Impact Fund to support relief for populations hardest-hit by the COVID-19 pandemic and promote racial equity in communities across Illinois and Wisconsin.
This new grant program provides each member institution of FHLB Chicago up to $20,000 in grant funds which can be used to directly support those most impacted by the COVID-19 crisis. Grant can also be awarded to organizations that promote equity and opportunity for Black and Latino communities, entities that provide sustainability for affordable housing, as well as small businesses such as Minority Business Enterprises and Women’s Business Enterprises.
“As the COVID-19 pandemic and its economic impact continue to ravage communities across our District, some populations have been disproportionately affected by this crisis, including Black, Latino, Native American, elderly, rural, and low- and moderate-income communities,” said Matt Feldman, president and CEO of FHLB Chicago. “We know additional investment in these communities through our members is essential if we are to continue helping those in need who have been particularly hard hit by this crisis.”
The Targeted Impact Fund is the second source of COVID-19 relief funding FHLB Chicago has provided to its members. Ninety-eight percent of bank membership utilized its COVID-19 Relief Program, FHLB Chicago said, providing critical relief funding to customers, small businesses, and nonprofit organizations throughout their communities.