The Federal Home Loan Bank of Chicago awarded A&B Garage LLC of Ladd a grant of $15,000 through its Community First Accelerate Grants for Small Business program.
FHLBank Chicago offers grants of up to $30,000 to eligible small businesses to advance economic opportunity in the communities it serves.
“We are honored to be chosen for the grant,” A&B Garage owners Brandy and Andrew Groleau said in a news release. ”This is giving us the help we need for building improvements that will help our community by allowing our shop to look more appealing and be more comfortable for community events such as the annual Christmas Walk. It is also assisting in equipment purchases, so our employees will work in a safer, more comfortable environment, allowing us to better serve our customers.”
Through FHLBank Chicago’s member institutions such as North Central Bank, accelerate grants assist the growth and development of small businesses in Illinois and Wisconsin. All grant recipients are small businesses that make a difference in their community, and funds are intended for the following purposes: the purchase or improvement of property; the purchase of machinery, tools or equipment; the purchase of inventory, materials or supplies; workforce development or training; and new or upgraded technology.
“Small businesses play an integral role in local communities in driving economic growth, from creating jobs to fostering community development,” FHLBank senior vice president and community investment officer Katie Naftzger said in a news release. “As a leader in the housing and community development space, FHLBank Chicago recognizes that affordable housing isn’t just about the homes themselves – it’s about ensuring entire communities have what they need to thrive, including economic opportunities for the residents and small businesses who call them home.”
“We are very excited for A&B Garage, a business that is so heavily involved in our community, to receive the FHLB grant,” North Central Bank Vice President Deb Schultz said in a news release.
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