2 Byline Bank small business customers awarded $15,000 grants
Chicago-based Byline Bank small business customers Mack’s Bike and Goods and Taqueria La Placita de Isabel 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!”
Through FHLBank Chicago’s member institutions, like Byline Bank, Accelerate Grants assist the growth and development of small businesses in Illinois and Wisconsin.
“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 and community investment officer at 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.”
All grant recipients are small businesses that make a difference in their community. Funds are intended for:
• 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
“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.”
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, senior vice president 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.