First Business Bank Invests Additional $1 Million in Dane Workforce Housing Fund

MADISON, WI - August 27, 2024 - First Business Bank announces its second $1 million investment in the Dane Workforce Housing Fund. This contribution builds on the bank's first $1 million pledge in 2020 and reinforces its commitment to addressing affordable housing needs in Dane County.

The fastest-growing county in Wisconsin, Dane County faces a critical affordable housing crisis. According to the Dane County Regional Housing Strategy, the county needs to add 7,000 new housing units annually to meet demand. Additionally, one in four Dane County households are cost-burdened, spending more than 30% of their income on housing costs.

"We've always believed in rolling up our sleeves and helping our communities," said Dave Seiler, President & COO of First Business Bank's parent company, First Business Financial Services, Inc. A member of the Dane Workforce Housing Fund's Technical Advisory Committee, Seiler added, "First Business Bank's second $1 million investment reflects our belief in the fund's ability to address critical housing needs in Dane County. The progress made so far is impressive. Looking ahead, we're excited about the potential of this fund to transform our housing mix to make it more accessible to build a business and to raise a family here."

The Dane Workforce Housing Fund, managing by Madison Development Corporation, was founded in 2020 to create affordable housing for the local workforce. The fund raised $11.8 million from 14 local businesses and has already created 747 new housing units, surpassing its initial target of 500 units.

"We are proud to support the Dane Workforce Housing Fund and its mission to provide stable housing options for our community," said Jim Hartlieb, President & CEO of First Business Bank. "This investment aligns with our commitment to develop economic growth and well-being in our communities."

About First Business Bank
First Business Bank^® specializes in Business Banking, including Commercial Banking and Specialty Finance, Private Wealth, and Bank Consulting services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty Finance solutions are delivered through First Business Bank's wholly owned subsidiary First Business Specialty Finance, LLC^®. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc^®. (Nasdaq: FBIZ). For additional information, visit firstbusiness.bank. Member FDIC