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Castle Bank in 2014 renewed its support for new business start-ups and small business growth by contributing funds through the Community Reinvestment Act to the Illinois Small Business Development Center at Waubonsee.

Castle Bank Continues Support of Illinois SBDC at Waubonsee

Harriet Parker

Entrepreneurs and owners of small businesses in the region again will receive some extra benefits from the Illinois Small Business Development Center (SBDC) at Waubonsee Community College, thanks to continued support from Castle Bank.

The Illinois SBDC at Waubonsee has announced that Castle Bank, an Illinois-based division of First National Bank of Omaha, has, for a second year, committed additional funds to help the Illinois SBDC at Waubonsee sustain its mission of providing services to help entrepreneurs and small business owners continue to drive the local economy forward.

“The additional funding from Castle Bank will allow us to increase the variety and depth of services that we can offer our clients,” said Harriet Parker, manager at the Illinois SBDC at Waubonsee. “In particular, we will be offering a number of financial literacy services to help businesses improve profitability.”

Castle Bank provided the Illinois SBDC at Waubonsee with $15,000 in 2014 through funds set aside through the Community Reinvestment Act, which encourages banks to invest a portion of their capital back into the communities they serve.

Castle Bank chooses to use some of that money to help fund operations at various Illinois SBDCs operating in the communities it serves in Kane, Kendall, DeKalb, McHenry, Boone and Winnebago counties in Illinois, said Michael Algrim, director of business banking for Castle Bank.

In addition to the Illinois SBDC at Waubonsee, Castle Bank has also committed funds to support Illinois SBDC operations at Elgin Community College, Kishwaukee Community College and McHenry County College, as well as the Fox Valley Entrepreneurship Center.  

“The Fox Valley has a lot to offer small businesses, and with the help of supporting organizations like the SBDC, we’re reviving the entrepreneurial spirit that was once such a large part of the area’s history,” said Algrim. “There’s an entrepreneurial movement gaining momentum in the Fox Valley and we’re excited to be able to support the organizations that are at the front lines of this initiative.”

Algrim said future funding for the Illinois SBDC at Waubonsee and other regional institutions will be reviewed annually, but the intent is to maintain some level of financial support now and in the future.

The Illinois SBDC at Waubonsee is funded in part through a cooperative agreement with the U.S. Small Business Administration and the Department of Commerce and Economic Opportunity.