Prospera receives $60,000 grant from Federal Home Loan Bank of Des Moines and Wells Fargo through the Member Impact Fund

Grant program supports affordable housing and community development

(Bozeman, MT) (April 12, 2024)– Prospera is pleased to announce that Wells Fargo and the Federal Home Loan Bank of Des Moines (FHLB Des Moines) have rewarded them a $60,000 grant from the FHLB Des Moines Member Impact Fund. This matching grant program, which was introduced in 2023, provides nearly $20 million to eligible organizations in order to strengthen communities in targeted areas of the FHLB Des Moines district. In 2024 FHLB Des Moines increased the Member Impact Fund by $10 million.

Prospera is home to the Montana Women’s Business Center, the Small Business Development Center, and the Food and Agriculture Development Center which serves more than 1,200 entrepreneurs and business owners annually in Gallatin and Park Counties. Paul Reichert, Executive Director for Prospera says “Funding from Wells Fargo and FHLB Des Moines allows Prospera to continue and expand our work in rural communities, helping entrepreneurs, businesses, and communities.”

Today, Prospera is the leading business and community development organization serving one of the fastest growing regions in the U.S. We help businesses and communities find their pathway to success, acting as the navigator, problem solver, and catalyst for a strong Montana economy. Prospera offers access to capital, business advising and trainings, community development, and peer networking to support business start, grow and thrive.

The foundation of business and community success lies in the quality of people, the allure of last-best places, and the unique Montana quality of life. In this mutual dependence, the vitality of businesses intertwines with the prosperity of the community, emphasizing the need for our work to support people, community, and the cherished quality of life we value. Gallatin and Park counties host nearly 15% of Montana’s population and hold about 15% of all the state bank deposits. When you include the regional retail trade area – a 140-mile radius from Bozeman – our economic region encompasses southwest Montana, parts of Idaho, and Yellowstone National Park. This expansive region hosts over four million visitors annually to Yellowstone. Southwest Montana and Bozeman, its largest city, has experienced remarkable growth, ranking as one of the fastest growing regions in the U.S. for over two decades. Bozeman’s population surpassed 50,000 in 2020, elevating it to the status of a new metropolitan area joining Great Falls, Billings, and Missoula. Additionally, the City of Belgrade, now one of the fastest growing communities in Montana, has entered the top 10 cities by population and is projected to triple in size within 15 years, reaching 30,000 residents. These regional opportunities mean Prospera will need to grow and adapt so we have the capacity to support businesses and communities in new ways.

“As The Bank of Doing, our goal is to strengthen communities with greater access to capital and expertise so people can build wealth and more fully pursue their goals. Financial mobility – through actions like owning a home, starting a business, eliminating debt or building a more resilient community – sets people and communities up for long-term success,” shared Katie Rollyson, Philanthropy and Community Impact, Lead Specialist at Wells Fargo. “Wells Fargo is proud to support Prospera and the work they are doing to uplift the Southwest Montana and Bozeman communities.”

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 Wells Fargo, and their connections to organizations like Prospera, help advance the positive work being done in its community.”

The Member Impact Fund matching program is available to organizations located in Hawaii, Montana, North Dakota, Oregon, Guam, American Samoa and the Northern Mariana Islands. Member institutions in these locations submitted applications in February and March 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 training, predevelopment assistance, management information systems or software, strategic planning, market study or community needs assessment, and working capital.

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About Federal Home Loan Bank of Des Moines

The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. We work together with over 1,200 member institutions to support affordable housing, economic development and community improvement.

FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. The FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit http://www.fhlbdm.com.

Contact

Jodi Weak, Director of Philanthropy, Prospera

406.587.3113

[email protected]

Julie DeVader, FHLB Des Moines Public Relations Manager

515.412.2172

[email protected]