Federal Home Loan Bank of Des Moines (FHLB Des Moines) recently joined efforts with 94 financial institution members (including Sherburne State Bank in Becker, Monticello and Princeton) to provide nearly $20 million to hundreds of non-profit and government organizations. 

The Member Impact Fund is one way FHLB Des Moines supports a strong community banking system, which is foundational to a thriving community. This matching grant program is designed to offer eligible organizations critical financial support for affordable housing and community development initiatives in targeted areas.

Sherburne State Bank was able to offer 10 - $10,000 donations in partnership with the FHLB. Below are the non-profits SSB supported:

• Becker Food Shelf;

• Great River Faith in Action;

• Initiative Foundation;

• Central MN Housing Partnership;

• Homes within Reach;

• Monticello Help Center;

• Wright Technical Center;

• Options, Inc.;

• Princeton Pantry;

• Kinship of Princeton.

FHLB Des Moines created the Member Impact Fund in 2023 to provide support and funding to targeted communities within its district. In 2024, the fund was increased by $10 million. 

“We are thrilled to partner with our members and local organizations to empower them to make their communities vibrant places to live and work,” says Kris Williams, president and CEO of FHLB Des Moines. ”An important part of our mission is to enable our members to meet the housing, business and economic development needs of the communities they serve. The Member Impact Fund is another way we fulfill that.”

The Member Impact Fund grants will be used for a variety of purposes such as down payment assistance, emergency housing, financial literacy, food banks and youth programs. Grant recipients range widely and include organizations such as Habitat for Humanity, United Way, YMCA/YWCA and Boys and Girls Clubs.