FHLBank Indianapolis recently announced that 11 Indiana and Michigan businesses were awarded the bank’s Elevate Small Business grant. 2018 was the inaugural year for the Elevate program, which saw more than 92 small businesses partner with local financial institutions to compete for grants of up to $25,000 each to use towards capital expenditures, workforce training, and other business needs.
“We understand small businesses are the backbone of our economy,” said Cindy Konich, FHLBank Indianapolis President and CEO. “That’s why we’re committed to the continued growth and success of small businesses throughout Indiana and Michigan.”
In total, this year FHLBank Indianapolis awarded $255,595 in Elevate grants to area small businesses looking to take their success to the next level. Four grant recipients are located in Michigan, and seven others in Indiana. Check out the full list of FHLBank Indianapolis’ 2018 Elevate recipients.
“FHLBank Indianapolis already has a nearly 30-year history of committing about 10% of annual income to fund affordable housing grants throughout Indiana and Michigan,” said MaryBeth Wott, Community Investment Officer at FHLBank Indianapolis. “Last year, our member financial institutions throughout the two states gave us feedback that small business grants would meet an important need in their communities, so we quickly implemented the Elevate program.” Interested small businesses were required to be sponsored by an FHLBank Indianapolis member to complete the application.
Learn more about the Elevate Small Business Grant and FHLBank Indianapolis’s other Community and Housing programs.