Sept. 3, 2024
VIROQUA, Wis. – Last week, the Federal Home Loan Bank of Chicago (FHLBank Chicago) awarded Driftless Provisions LLC a grant of $15,000 through its Community First® Accelerate Grants for Small Business program and $1,500 from Peoples State Bank. FHLBank Chicago offers grants of up to $30,000 to eligible small businesses to advance economic opportunity in the communities it serves.
These funds will be used to fund growth into new markets through the purchase of additional inventory. The old-world techniques that Drifltess Provisions uses to make their premium salami takes upwards of 2 months to cure, which creates longer than normal lead times and stresses cash flow.
Owners, Kristen and Ryan Wagner stated: “We are so grateful for this contribution from the Federal Home Loan Bank of Chicago and Peoples State Bank. These funds go a long way to help alleviate the daily stress of managing cash flow so we can instead focus on continuing our growth as a company. Focusing on our mission to draw connections to the land, animals, farmers and each other through great food is essential to creating great products and providing jobs for our local community.”
Through FHLBank Chicago’s member institutions, Peoples State Bank, Accelerate Grants assist the growth and development of small businesses in Illinois and Wisconsin. All grant recipients are small businesses that make a difference in their community, and funds are intended for the following purposes:
- 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
“Small businesses play an integral role in local communities in driving economic growth, from creating jobs to fostering community development,” said Katie Naftzger, Senior Vice President, Community Investment Officer, 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 economic opportunities for the residents and small businesses who call them home.”
The grant was sponsored by Peoples State Bank, Kay Buck (Commercial Relationship Manager-AVP.
Kay Buck states: We chose Driftless Provisions for this grant because of their involvement in community events, hiring local and growth potential. Starting out as a very small entrepreneurial enterprise, it continues to grow to provide excellent meat products to customers across the country.
For more information on Accelerate Grants and eligibility, visit www.fhlbc.com.
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