Updated: Jun 1
Chicago area Centrust Bank is pleased to announce donations to four non-profit organizations as a part of the Federal Home Loan Bank (FHLB) of Chicago’s COVID-19 Grant Program. The contributions total $20,000. In its role as a community bank, Centrust provides financial services and support to its local communities as part of its mission. The FHLB’s initiative recognizes the impact of the global pandemic on local communities. It acknowledges its ability to help these communities by supporting its member banks in reaching those in need.
Additionally, in response to the harm the global pandemic has caused our local communities, the Bank has significantly expanded its lending to local small businesses through the SBA’s Paycheck Protection Program (PPP).
About FHLB’s Grant
The FHLB’s Grant program gives its member banks complete discretion in the allocation of its Grant funds. Member banks had the option to provide funds to local businesses, current customers, or other organizations impacted by COVID-19.
Centrust Bank’s Chief Executive Officer, Jim McMahon, summarized the Bank’s selection process, “Our senior management team discussed the ramifications of this pandemic on our local communities. We see many businesses that are struggling, and some that may never reopen their doors again. We are proud to be an authorized SBA lender. We have provided many organizations with small PPP loans to assist in the local business recovery and help fulfill our mission of local community lending. When we discussed the unintended consequences of “shelter in place” orders and how they have disrupted daily life with regards to individuals’ safety and security, we concluded our Grant funds should be targeted to non-profit organizations that address individual needs that have increased due to the pandemic, including food insecurity and domestic abuse.”
Supporting Our Community
Centrust donated $5,000 to the Hunger Resource Network in Northbrook, IL, $5,000 to A Just Harvest in Chicago to assist those in need of food, $5,000 to Wings in Rolling Meadows and $5,000 to Between Friends in Chicago to address the known and unknown increased cases of domestic abuse during local lockdown periods.
McMahon concluded, “We are proud to be members of the FHLB of Chicago and to do our part to support essential service providers who are responding to those in need during this crisis. This includes our essential Centrust Bank staff, who have originated nearly a year’s worth of loans through the PPP lending program in less than a few months to help local businesses survive.”
About Centrust Bank
Founded in 2006, Centrust Bank has grown to become a leading Chicago area community bank that focuses on helping small to mid-sized businesses grow safely and profitably. Centrust has established itself as a leader in and excels at offering SBA programs for small businesses.
To learn more, or to contact Centrust Bank, please visit their website: www.centrustbank.com
Centrust Bank is an Equal Housing Lender. Member FDIC.