Funds sponsored by Staley Credit Union to support small businesses in the Central Illinois community.
[Decatur, Illinois – January 1, 2025] – Staley Credit Union, in partnership with The Federal Home Loan Bank of Chicago, awarded Monroe Associates, Inc. a grant of $15,000.00 through its Community First® Accelerate Grants for Small Business program.
Monroe Associates, Inc., based in Bethany, Illinois, provides essential IT services to a range of small businesses, including community banks, credit unions, insurance companies, and other local enterprises. With expertise in network design, installation, hosting services, and hardware solutions, Monroe Associates has become a critical partner in enabling Central Illinois businesses to thrive and compete in today’s digital economy.
“The funds will allow us to upgrade our virtual server and install a new storage array,” stated Rechele Monroe, Co-owner of Monroe Associates, Inc. along with Dennis Monroe. “This will expand our capacity to offer remote services and disaster recovery solutions, enhancing the performance of hosted clients and enabling us to serve a larger customer base. These upgrades will position us to grow and continue supporting the local business community effectively.”
Through FHLBank Chicago’s member institutions, such as Staley Credit Union, 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, with funds intended for:
- 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.”
Staley Credit Union, based in Decatur, Illinois, sponsored the grant.
“We’ve partnered with Monroe Associates for over 25 years, and we’ve seen firsthand the impact they’ve made in our community,” stated Kimberly Ervin, President & CEO of Staley Credit Union. “Their ability to provide IT solutions to small businesses is unmatched, and we are proud to support their continued growth through this grant.”
For more information on Accelerate Grants and eligibility, visit www.fhlbc.com.
About Staley Credit Union
Staley Credit Union is based in Decatur, Illinois with additional branches in Lafayette, IN and Loudon, TN. Staley serves over 18,000 members across every US state and multiple foreign countries. Founded in 1930, Staley CU embraced the Credit Union philosophy of “People Helping People,” and its mission has been to provide convenient, responsive, and progressive financial services to its members. You can learn more about Staley Credit Union and the services they provide at their website, www.staleycu.com.
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.
“Community First” is a registered trademark of the Federal Home Loan Bank of Chicago.