Blackhawk Bank & Trust, in collaboration with the Federal Home Loan Bank of Chicago (FHLBank Chicago), recently announced that Prairie Crossroads Mercantile in Viola is a recipient of the Community First Accelerate Grant for Small Business.

The Accelerate Grant is part of an initiative designed to create economic opportunities for small businesses in the communities served by FHLBank Chicago member institutions, according to a news release. As a member, Blackhawk Bank & Trust was able to facilitate the grant process, and Prairie Crossroads Mercantile was selected by FHLBank Chicago to receive this award.

"We are thrilled to present this grant to such a deserving local business," said Angie Bigham, vice president and loan officer at Blackhawk Bank & Trust. "Small businesses are the backbone of our local economy, and through this partnership with FHLBank Chicago, we can make meaningful investments that drive growth and opportunity in our communities."

Prairie Crossroads Mercantile has revitalized the historic Viola Opera House, transforming it into a community hub. The space offers a range of locally grown and produced goods, including farm-fresh products, clothing, candles, gifts, sweets and other unique finds, creating a vibrant marketplace for the community.

"We are excited and appreciative to have received this grant. As a new business that is continuing to expand our offerings in a small community, we will now be able to add a commercial kitchen quicker than we had anticipated, so we can add an expanded selection of foods to the community and bring additional commerce to Viola," shared owner Jackie Burns said.

Midland Technologies touts Section 179 tax deduction

Midland Technologies is encouraging business owners to take advantage of the IRS Section 179 tax deduction, which provides significant savings on capital expenditures for 2024. This year, businesses can deduct up to $1,220,000 on qualifying equipment purchases, including IT infrastructure, managed software, cybersecurity solutions, phone systems, surveillance systems and other essential business tools.

Under the Section 179 deduction, businesses can depreciate 100% of the cost of eligible equipment bought or financed, provided it's put into service before Dec. 31.

In a news release, Jason Smith, vice president at Midland Technologies, stated: "Section 179 is an incredible opportunity for businesses looking to invest in their future. With political uncertainty surrounding tax policies in the coming years, it's essential for companies to capitalize on this deduction while it's available. We're committed to sharing information that can help businesses thrive. We feel a duty to help our fellow business owners thrive by sharing information, resources, expertise or any other value we can offer."

Smith emphasized that many businesses often delay capital investments until the end of the year, but Section 179 rewards those who plan ahead and reinvest in their operations.

Midland Technologies's core mission is to simplify technology and improve profitability for its clients and says sharing this tax benefit aligns with that goal.