In partnership with the Federal Home Loan Bank of Chicago (FHLBank Chicago), Royal Bank recently awarded $5,000 grants to eligible residents and businesses for flood-hit communities in central Wisconsin.
Funds were provided by the FHLBank Chicago through its Community First® Disaster Relief Program. This program provided grant assistance to homeowners and small businesses affected by the severe storms, tornadoes, straight-line winds, flooding, and landslides that occurred between Aug. 17 and Sept. 14.
Eligible areas included those within the Federal Emergency Management Agency (FEMA)–declared disaster area (FEMA disaster declaration DR-4402) in Adams, Crawford, Dane, Fond du Lac, Green Lake, Iron, Juneau, La Crosse, Marquette, Monroe, Ozaukee, Richland, Sauk and Vernon counties.
The Community First® Disaster Relief Program originally pledged $125,000 to affected areas. With a high response for assistance, FHLBank Chicago graciously approved up to nearly $500,000 in grants to be awarded. As of Dec. 6, all of the pledged funds have been reserved.
Royal Bank was able to submit over $200,000 in applications for eligible residents and businesses in Adams, Crawford, Juneau, Marquette, Richland, Sauk and Vernon counties where the bank operates.
“We were so thankful to FHLBank Chicago for approving additional funds once they saw the high volume of applications coming forward,” said Dan Ravenscroft, president and CEO of Royal Bank. “We’re thrilled to partner with FHLBank Chicago in this program to help local businesses and families who so urgently need it. Every bit of support is crucial to those still recovering.”
Royal Bank has a strong history of working closely with FHLBank Chicago by offering fixed-rate home loan lending using the FHLBank Chicago’s Mortgage Partnership Finance® (MPF®) Program. The mission of FHLBank Chicago is to partner with member shareholders in Illinois and Wisconsin to provide them competitively priced funding, a reasonable rate on their investment, and support for community investment activities. The Community First Disaster Relief Program has provided assistance to Illinois and Wisconsin communities rebuilding from FEMA-declared disaster areas since its inception in 2013. Program details are available on fhlbc.com under Community Investment.
Royal Bank has locations in Adams, Avoca, Camp Douglas, Cassville, Cazenovia, Cobb, Dickeyville, Elroy, Endeavor, Gays Mills, Hillsboro, Lancaster, La Valle, Lone Rock, Mauston, New Lisbon, Oxford, Spring Green and Viroqua.