First Bank Of Manhattan, New Lenox Awards NL Boutique $15,000 Grant

MANHATTAN, IL — This week, the Federal Home Loan Bank of Chicago (FHLBank Chicago) awarded Moody Blues Jean Boutique, located at 1844 E. Lincoln Highway in New Lenox a grant of $15,000 through its Community First Accelerate Grants for Small Business program. FHLBank Chicago offers grants of up to $30,000 to eligible small businesses to advance economic opportunity in the communities it serves.

The funds will be used to increase inventory for the busiest season in retail, which is fall and winter. Moody Blues is a denim specialty boutique and denim is their biggest expense for inventory. The grant will allow them to stock not only denim but tops, accessories, gifts and even stocking stuffers. It’s important to prep for the holiday season months in advance, and this grant will truly help with inventory.

"A well-planned holiday season with full inventory will set us up for success and absolutely boost profits for our small business," said owner of Moody Blues Jean Boutique Cahyrssa Coldwater.

Through FHLBank Chicago’s member institutions, like First Bank of Manhattan and New Lenox, 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."

"Moody Blues has been operating their women’s clothing boutique in New Lenox for over 10 years," said Executive Vice President of First Bank of Manhattan and New Lenox David Zang.

"We were pleased to sponsor this grant to help a small business in our community in such a meaningful way. Cahryssa is a hard-working, passionate small business owner and it was a pleasure to be able to facilitate this money for her business."

For more information on Accelerate Grants and eligibility, visit www.fhlbc.com.