“We are very excited to receive this funding. Together, Castle Bank and the FVEC will impact the future of local entrepreneurs, creating sustainable local jobs in the process.”
Batavia. Illinois (PRWEB) July 27, 2015
The Batavia-based Fox Valley Entrepreneurship Center (FVEC) received a $10,000 grant to help local businesses from Castle Bank. This award lets the FVEC help businesses accelerate their growth and further establish themselves in the community.
“We are very excited to receive this funding,” says Austin Dempsey, FVEC board president and co-founder. “Together, Castle Bank and the FVEC will impact the future of local entrepreneurs, creating sustainable local jobs in the process.”
The grant is part of the Community Reinvestment Act (CRA). Congress enacted the CRA in 1977 as a way for banks to help meet the needs of the communities in which they operate. This is the third year the FVEC has received funding from Castle. “It’s important for the bank to invest in the community and help it grow,” states Mike Algrim, Commercial Banker at Castle Bank. “The FVEC is doing all the right things to stimulate sustainable growth.”
Since its inception in 2010, the FVEC has provided instrumental help for companies throughout the area. The center has helped companies retain nearly 400 and create over 150 jobs, and brought in nearly $2 million in private equity. Its vision is to be an active partner in making the Fox Valley a fertile ground to start up and grow thriving companies that add value to the community.
The bank believes in working hand-in-hand with businesses throughout the Fox Valley. As part of the CRA grant program, Castle commits over $100,000 in annual grants throughout the state of Illinois.
The non-profit Fox Valley Entrepreneurship Center concept began in 2010 from a partnership between the Waubonsee Small Business Development Center (SBDC) and the Center for Business Education Innovation and Development (CBEID). The FVEC promotes an environment in which businesses strive for excellence and innovation is nourished. They accomplish this through CEO training and advisement, strategic introductions and strategic/growth planning across all areas of business. The center supports these programs through private donations and grants. Learn more about the FVEC at http://www.fvec.org.
About Castle Bank
Castle Bank, a division of First National Bank of Omaha, has 14 banking offices located in DeKalb, Kendall, Kane, Boone and McHenry Counties in North central Illinois. For more information about Castle Bank, please visit http://www.castlebank.com.
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