Putting Our Money Where Your Heart Is May 21, 2020
The ripple effect on the economy of the COVD-19 pandemic and the measures we all needed to follow to keep one another safe has continued for two months. With businesses closed and employees furloughed or working reduced hours, tough budget decisions have been made in homes throughout the state. The first item often sacrificed in tough times is support of local charities.
Forward Bank – including Forward Insurance and Forward Investment Services – has been working with the Federal Home Loan Bank (FHLB) to reach out to area charities in a big way. This partnership of community support includes maximizing grant funds and a loan program from the FHLB to benefit non-profits in each of the communities that Forward has offices in.
“Our team was committed to creatively using the opportunity created by the FHLB to give additional support for charities that need it during this unprecedented time,” commented Bill Sennholz, CEO of Forward Bank. “We asked our team to nominate non-profits in our communities that they felt needed the additional support. Using our Facebook pages, we encouraged our communities to vote and help guide our selection of one charity per community to receive $10,000. The recipients will have a wonderful opportunity to invest those funds in the projects that help them fulfill their missions.”
Over 15,000 votes were cast for non-profits over a one-week time period. The top vote recipient in each market received a check for $10,000. Here are the recipients:
- Athens Fire Department
- Abbotsford School District
- Greenwood Fire & EMS
- Marshfield Area Pet Shelter
- Marshfield Area United Way
- Black River Industries (Medford)
- Catkins Animal Rescue (Park Falls)
- Red Apple Counseling & Development (Phillips)
- Orioles Give Back (Stanley)
- Thorp Fire & Ambulance
- Owen-Withee Ambulance
The FHLBanks are 11 regionally based, wholesale suppliers of lendable funds to financial institutions of all sizes and many types, including community banks, credit unions, commercial and savings banks, insurance companies and community development financial institutions. The FHLBanks are cooperatively owned by member financial institutions in all 50 states and U.S. territories.
The steady supply of lendable funds from FHLBanks helps U.S. lenders invest in local needs including housing, jobs, and economic growth.