FHLBank Chicago Community Advance Drives Small Business Growth and Downtown Revitalization in Greenville, Illinois

Honoring local entrepreneurs and community investment during Small Business Month

CHICAGO--(BUSINESS WIRE)-- In recognition of Small Business Month, the Federal Home Loan Bank of Chicago (FHLBank Chicago) is highlighting how its Community Advance product?which provides discounted funding to support community and economic development projects?is expanding access to capital for small businesses and supporting economic growth in communities across its district. In Greenville, Illinois, more than $1 million in Community Advances to FNB Community Bank this year has supported a series of downtown redevelopment projects that are transforming the city into a vibrant destination for residents, students, and visitors.

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Local entrepreneur Breck Nelson is championing this revitalization effort, bringing four historic buildings back to life on Greenville?s town square. The projects include a mix of commercial and residential spaces, with new businesses such as Grouchy?s Pub, a bookstore, and a plant store that also serves as the community?s only sit-down coffee shop.

Several properties also feature upper-level rental housing, increasing the availability of housing downtown, and contributing to the area?s long-term vitality. Community Advances provide FHLBank Chicago members with funding at discounted interest rates, made possible through a subsidy from FHLBank Chicago, to help finance projects like affordable housing and economic development.

?These kinds of projects demonstrate how flexible, affordable funding can empower entrepreneurs to invest in their communities,? said Carolyn Jaw, Chief Business Officer, FHLBank Chicago. ?Through partnerships with our members like FNB Community Bank, we?re proud to support small business growth and community revitalization efforts in rural Illinois that make a lasting impact.?

The developments are part of broader economic investments in Greenville, including a city-led downtown plaza designed to encourage community events and outdoor activity. Together, these improvements are creating a more cohesive downtown that encourages visitors to stay longer and explore.

Community response has been overwhelmingly positive, with increased foot traffic and strong engagement across the new businesses. The mix of storefronts was intentionally curated to explore multiple establishments. Greenville University students, particularly those without access to transportation, have become an important customer base, benefiting from new amenities within walking distance.

Financing from FNB Community Bank, supported by FHLBank Chicago?s Community Advance product, played a critical role in bringing the projects to life. The discounted funding reduced borrowing costs, which helped mitigate the risks often associated with small-town redevelopment and made it possible to move forward with multiple projects.

?We?re a community bank first, and that means taking some risk for community-building projects,? said Joe Schaal, Senior Lender at FNB Community Bank. ?Investments in efforts like these ensure our communities can grow and thrive the way they should.?

Now fully operational, the businesses are already demonstrating early success.

"Using the Community Advance through FNB helped make these projects affordable and allowed us to move forward with the investment we wanted to make in downtown Greenville,? said Breck Nelson, owner of Grouchy?s Pub and several downtown Greenville businesses. ?When you restore historic buildings and create places people want to gather, it builds momentum for the entire downtown. We?ve seen strong support from local residents and visitors coming from outside the area."

During Small Business Month, FHLBank Chicago recognizes the critical role entrepreneurs and community lenders play in driving local economic growth. By providing access to discounted funding through products like the Community Advance, FHLBank Chicago continues to support projects that strengthen communities across Illinois and Wisconsin. Funding remains available to support additional small business and community development initiatives across the district.

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.

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Source: Federal Home Loan Bank of Chicago