EDASC receives $44,000 in grants from Federal Home Loan Bank of Des Moines and WECU through the Member Impact Fund

The Economic Development Alliance of Skagit County is pleased to announce that WECU and the Federal Home Loan Bank of Des Moines (FHLB Des Moines) have awarded them a $33,000 grant from the FHLB Des Moines Member Impact Fund, tripling the impact of WECU’s $11,000 award through the Education First grant. This matching grant program, which was introduced in 2023, provided nearly $12 million to eligible Washington organizations in order to strengthen communities in targeted areas of the FHLB Des Moines district.

“EDASC was honored to receive the Education First grant from WECU in support of our Startup School, but when we found out there were matching funds available from the Federal Home Loan Bank of Des Moines, amounting to an additional $33,000, we were amazed and delighted!” said EDASC CEO John Sternlicht. “This enables us to provide even more services to budding entrepreneurs in Skagit County, which will afford them a better chance at business success.”

FHLB Des Moines provides funding solutions and liquidity to more than 1,200 members to support mortgage lending, economic development and affordable housing in the communities they serve. The Member Impact Fund provides $3 for every $1 of an eligible FHLB Des Moines member's grant donation to strengthen the ability of not-for-profits or government entities to serve the affordable housing or community development needs of their communities. The Member Impact Fund awards are given in partnership with member financial institutions to communities in their district to become more vibrant places to live and work.  

“The Member Impact Fund is just one-way FHLB Des Moines enables our members to connect directly with local organizations who matter to them, creating value and a lasting impact in their own communities,” said Kris Williams, President and CEO of FHLB Des Moines. “The commitment of members like WECU, and their connections to organizations like EDASC, help advance the positive work being done in its community.”    

In 2024, the Member Impact Fund matching program supported organizations located in Hawaii, Montana, North Dakota, Oregon, Washington, Guam, American Samoa and the Northern Mariana Islands. Member institutions in these locations submitted applications in 2024; funds were distributed directly to the member institution, which then provide the funding alongside a matching grant from FHLB Des Moines for the partner/recipient organization.

Recipient organizations were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs including job training, affordable housing, financial literacy, food banks and youth programs.