Community

PRESS RELEASE

Federal Home Loan Bank of Chicago awards $15,000 grant to two Local Small Businesses

Funds sponsored by Tompkins State Bank supports small business in the Abingdon-Avon community.

Last month, the Federal Home Loan Bank of Chicago (FHLBank Chicago) awarded Amanda Powell Psychotherapy and Social Work Consulting Services and Sweets & Stones Boutique each 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.

Amanda Powell of Amanda Powell Psychotherapy and Social Work Consulting Services is using her grant money to buy and renovate a building in St Augustine to relocate her therapy practice, Therapy for Positive Aging. Amanda’s business was chosen because of the value of its service to the local community and assisting those with mental health needs.  This grant will help her business be more profitable by relieving some of the debt burden of the expansion, as well as help to provide a spiritually peaceful and uplifting atmosphere for her clients. 

Amanda wrote on her Facebook page, “I am beyond grateful for Tompkins State Bank. They have supported Justin and I through every stage of our life. Most recently I had a crazy idea to buy a building, renovate it and move my therapy practice. Of course my local bank came through for me, but over the last two weeks Tompkins has helped me apply for a grant that would help me pay for some of my business renovation and other business needs…I will forever be grateful for my small town bank and those there that have believed in me!!”

The second grant recipient was Deborah Hendricks of Sweets and Stones Boutique in Abingdon. Sweets & Stones Boutique was chosen because the discount provided assists the population that falls below 100% area median income.  There are people in these small communities that can get specialty items like dresses and clothes for occasions like homecoming or family events at a rate much more affordable than the local retailers. 

The wide breadth of items available like home décor and tools, in addition to the aforementioned clothing items, makes Deb’s Thrift Boutique a valuable resource for the community.  This grant can help her business be more profitable by providing funds for inventory as well as some debt relief from expanding her space for display.

Deborah wrote on her Sweets and Stones Boutique Facebook page, “I would like to extend a huge "THANK YOU!" to the amazing employees at Tompkins State Bank! Sweets & Stones Thrift was selected and awarded a grant through the Community First Accelerate Grants for Small Businesses! I am so grateful to be a part of Abingdon and its surrounding communities!”

Through FHLBank Chicago’s member institutions, like Tompkins State 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 local communities in driving 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 economic opportunities for the residents and small businesses who call them home.”

The grant was sponsored by Tompkins State Bank, a community bank serving Galesburg, Knoxville, Avon, Abingdon, and the surrounding areas in West Central Illinois.

Eric Pompeo, Tompkins State Bank Loan Officer located in the Abingdon branch, stated, “Both of these local businesses are valuable to small communities like ours, and TSB is grateful to be able to assist these ladies in obtaining the Community First Accelerate Grant, which will be a very valuable tool made possible by the FHLBC in providing the goods and services that are unique to our local area.”

For more information on Accelerate Grants and eligibility, visit www.fhlbc.com.

About [FHLBank Chicago Member]

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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.