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updated: 11/20/2013 10:10 AM

CastleBank donations support Illinois SBDC at Waubonsee

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Business Ledger news services

SUGAR GROVE -- Entrepreneurs and owners of small businesses in the region will receive some extra benefits from the Illinois Small Business Development Center (SBDC) at Waubonsee Community College, thanks to continued support from Castle Bank.

The Illinois SBDC at Waubonsee has announced that Castle Bank, an Illinois-based division of First National Bank of Omaha, has committed additional funds to help the Illinois SBDC at Waubonsee sustain its mission of providing services to help entrepreneurs and small business owners continue to drive the local economy forward.

"This really helps us to provide additional assistance to our small business clients," said Harriet Parker, manager at the Illinois SBDC at Waubonsee. "Like everyone else in this economic environment, we're trying to do a lot with a little, so this assistance goes a long way in helping us provide in-depth resources to our clients."

CastleBank provided the Illinois SBDC at Waubonsee with $17,500 in 2013 through funds set aside through the Community Reinvestment Act, which encourages banks to invest a portion of their capital back into the communities they serve.

CastleBank chooses to use some of that money to help fund operations at various Illinois SBDCs operating in the communities it serves in Kane, Kendall, DeKalb, McHenry, Boone and Winnebago counties in Illinois, said Michael Algrim, director of business banking for CastleBank.

In addition to the Illinois SBDC at Waubonsee, Castle Bank has also committed funds to support Illinois SBDC operations at Elgin Community College, Kishwaukee Community College and McHenry County College, as well as the Fox Valley Entrepreneurship Center.

This year, such donations totaled about $110,000, Algrim said.

"We understand the ever-increasing importance of providing financial support to the organizations that advise our small business customers," said Algrim. "We see it as investing in the entrepreneurial ecosystem, to help businesses grow, succeed and create jobs."

Algrim said future funding for the Illinois SBDC at Waubonsee and other Regional institutions will be reviewed annually, but the intent is to maintain some level of financial support now and in the future.

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