The Community First® Accelerate Grants for Small Business (“Accelerate Grants”) provides grants to support the growth and development of small businesses and help in creating economic opportunity in communities served by Federal Home Loan Bank of Chicago (FHLBank Chicago). “Small businesses in our members’ communities provide valuable products and services that contribute to local economies,” said Katie Naftzger, Community Investment Officer, FHLBank Chicago. “Accelerate Grants provide an opportunity for our members to strengthen their partnerships with local small businesses, thereby supporting economic growth and job opportunities and strengthening the fabric of the rural, urban, and small town communities served by our members.”
Black River Country Bank (BRCB) has been an FHLBank Chicago Member since 1994. As a member institution, BRCB was able to nominate one eligible local small business via an application to receive a grant up to $25,000. The small business needed to complete and submit an application, along with required supporting documentation in partnership with BRCB. To qualify, the small business 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 prior to application submission, have annual gross revenue of $1 million or less, and have had a business relationship with the FHLBank member institution for the prior 12 months or more prior to the application submission date.
Black River Country Bank nominated Corner Store, It Is. CSII is a neighborhood convenience store located at the corner of Main Street and North tenth Street in Black River Falls, where they provide a longstanding tradition of personal service. They specialize in ‘serving the community’ by offering the best prices, fun customer service, and a laid back atmosphere. They pride themselves in helping out within the community through donations; making everyone feel welcome with a sense of camaraderie; and providing quality, local products … especially ‘the best deli meats around.’
Melissa Bue, Co-Owner of Corner Store, It Is, noted in their grant application that “the Accelerate Grant Funds would be used as down payment towards the purchasing of the building. This would grant us the opportunity to move forward with our ideas and minor changes to help promote business growth. Along with promoting growth, we would also continue to support our community with donations and sponsorships.” Bue went on to emphasize their business’ community commitment, “Being a very small store within a small community, we have to work hard and be community minded even harder …. we support 20 small businesses by carrying and selling their product. We want to continue being supportive and grow to carry more local and small business products and achieve greater things.”
Recently Corner Store, It Is learned it was among the fortunate 172 businesses in Illinois and Wisconsin that would receive a $25,000 Accelerate Grant to support their business. The FHLBank Chicago awarded $4.3 million in total grants to deserving businesses to provide economic and community development throughout Illinois and Wisconsin – more than quadrupling their investment in Accelerate Grants year over year. Upon learning of their grant award, Bue remembers “I was SPEECHLESS, honestly!’”
Justin Blaken, Vice President and Senior Loan Officer at Black River Country Bank nominated and assisted Corner Store, It Is with their Community First® Accelerate Grant application process. Blaken stated “Melissa and Brandon have done an excellent job taking over this community staple in Black River Falls. Successful small businesses are so vital to small communities, and Melissa and Brandon are a great example of this. Not only do they offer great products, but their commitment to the community since taking over in January of 2022 has really been evident. We look forward to seeing their continued growth with the Corner Store, and we want to thank FHLBank Chicago for their support, not only in this grant award but past awards. Our partnership with FHLBank Chicago continues to provide value-added direct impacts in our community. The $85K in FHLBank Chicago grant funds awarded in the past 3-years via Black River Country Bank have been and are being used at grass roots levels to better our diverse community of people, businesses, and organizations and for that we are so grateful to be a part of it. ”
Black River Country Bank is a Member FDIC financial institution and Equal Housing Lender. For more information see http://www.brcbank.com or call 715-284-9448/608-488-2411.
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