With the help of Byline Bank, two Chicagoland customers received grants to invest back into their small businesses.
Byline Bank small business customers Mack’s Bike and Goods and Taqueria La Placita de Isabel have each received a $15,000 Community First® Accelerate Grants for Small Business from the Federal Home Loan Bank of Chicago (FHLBank Chicago). FHLBank Chicago offers grants of up to $30,000 to eligible small businesses to advance economic opportunity in the communities it serves.
Based in Evanston, Mack’s Bike and Goods is a full-service bicycle shop providing bike sales and service along with a community meeting venue. They plan to use the grant to fund the installation of a new roof. Taqueria La Placita de Isabel, a restaurant that is a staple gathering spot for school-age children and families in Chicago’s McKinley Park neighborhood, plans to use the grant to purchase a cooler for perishable food items, add seating and outdoor signage, and hire an additional part-time employee.
“We opened in 2019 just before the pandemic shutdowns,” said Kelly Mack, co-owner of Mack’s Bike and Goods. “Byline financed a building for us right here in Evanston near where we’d been renting space. When we needed a new roof, Byline suggested applying for an FHLB grant. We got enough to pay for the roof, and we’d never have known about it!”
“We are incredibly grateful for this opportunity,” said Martin Rios, owner of Taqueria La Placita de Isabel. “This funding will positively impact our business and the community as a whole by allowing us to serve more people and maintain more inventory for longer.”
Through FHLBank Chicago’s member institutions, like Byline 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
- New or upgraded technology
“Small businesses play an integral role in our local communities and drive economic growth, from creating jobs to fostering community development,” said Katie Naftzger, Senior Vice President, Community Investment Officer, FHLBank Chicago. “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 a vibrant small business community that creates economic opportunities and vibrant neighborhoods for the residents.”
The two grant applications were sponsored by Byline Bank, a full-service commercial bank serving small- and medium-sized businesses, financial sponsors and consumers.
“Supporting local businesses is essential to building strong, resilient neighborhoods,” said Tim Harrington, SVP and Business Banking Division Head at Byline Bank. “Both Mack’s Bike and Goods and Taqueria La Placita de Isabel have a deep commitment to their surrounding community. As champions of small businesses locally, our Business Banking team felt each had the potential to create a lasting and positive economic impact with these grant funds.”
For more information on Accelerate Grants and eligibility, visit www.fhlbc.com.
About Byline Bank
Headquartered in Chicago, Byline Bank, a subsidiary of Byline Bancorp, Inc. (NYSE: BY), is a full-service commercial bank serving small- and medium-sized businesses, financial sponsors and consumers. Byline Bank has approximately $9.6 billion in assets and operates 46 branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and community banking products and services, including small-ticket equipment leasing solutions, and is one of the top Small Business Administration lenders in the United States by volume for FY2023, according to the national SBA ranking by the U.S. Small Business Administration. Byline Bank is a member of FDIC and an Equal Housing Lender. Visit bylinebank.com for more information, and follow Byline Bank on Facebook, LinkedIn, X or Instagram for the latest news and updates.
About the Federal Home Loan Bank of Chicago
FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members’ customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com.
“Community First” is a registered trademark of the Federal Home Loan Bank of Chicago.