For more than 120 years and five generations, we’ve always looked for ways to support local businesses and the community. This past month, we found a unique way to show our support that we hope will support our fellow local businesses and neighbors.
The Federal Home Loan Bank (FHLB) of Chicago recently offered bank partners a COVID-19 Relief Program consisting of zero-rate advances and grants to support all of its member institutions and the communities they serve as they respond to the COVID-19 pandemic. The COVID-19 Relief Program opened on Monday, April 27, with funding available through Friday, May 22.
As a FHLB bank partner, PWSB was awarded $20,000. The bank chose to distribute the funds to local chambers of commerce and other business associations in the Ozaukee County area. Each of these organizations will each receive $2,500 to determine how to best support their business members:
Port Washington Main Street
Cedarburg Chamber of Commerce
Grafton Chamber of Commerce
Belgium Area Chamber of Commerce
Saukville Chamber of Commerce
Mequon Thiensville Chamber of Commerce
Thiensville Business Association
The final recipient of the grant funds is the United Way of Northern Ozaukee. This grant is in addition to the $36,000 raised in May for the United Way’s COVID-19 Relief Fund Program, thanks to the generosity of the community who responded to the bank’s challenge to match up to $10,000 in donations from May 1 through 15, 2020.
President and COO James Schowalter shared his reason for selecting the recipients of the funds. “My family and I have always looked for ways to support local businesses and the community, and we appreciate the support from the FHLB in helping us carry out this 120-plus-year tradition.”
The Federal Home Loan Bank of Chicago is a government organization that lends money to other banks when needed. A vast majority of Port Washington State Bank’s loans are locally funded with customer deposits, but the FHLB serves as a resource if there is ever a greater need to be fulfilled.