Chairman and CEO of The Federal Savings Bank Steve Calk has announced that the bank has received a $4 million grant from the City of Chicago’s TIFWorks program.
Calk made the announcement alongside Chicago Mayor Rahm Emanuel at a public gathering at the Chicago Cultural Center June 28. The grant will help fund the bank’s new endeavor called the National Home Loan Center, which is expected to create new jobs for the city. An issued press release states that the TIFWorks program is specifically granting the bank $10,000 per employee hired, and that the bank expects to create up to 400 new positions for their new loan center.
The bank has already begun the hiring process for the center, to be located at 300 N. Elizabeth St. in the city’s West Loop, and is planning to open the center within a few months. A press release issued by Mayor Emanuel’s office states that the funds will be used, “for training of new employees.”
Established in 2008, the city’s TIFWorks program aims to stimulate the economy and local business by, “funding workforce-training costs for companies located in tax incrementing financing (TIF) districts,” according to the program’s website. Since its inception, the program has provided $4.3 million in TIF funds to 84 businesses. Its recent grant to The Federal Savings Bank is the largest ever awarded by the city.
In addition to the $4 million TIFWorks grant, The Federal Savings Bank has also received an Economic Development for a Growing Economy (EDGE) incremental tax credit from the Illinois Department of Commerce and Economic Opportunity for the next 10 years. “The award could be as much as $9.5 million if the bank meets its hiring goals,” according to a press release.