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COVID-19 Relief: Two Advance Offerings Totaling $4B and Expanded Elevate Small Business Grants

I hope that you, your family, and your employees are doing well. We’ve been working hard to make sure our FHLBank Indianapolis team remains healthy and available to serve your liquidity needs during these challenging and uncertain times. We all saw how quickly the first round of the federal Payroll Protection Program (PPP) funding was exhausted, and we know our communities are still struggling to manage the burdens of mortgage payments, business loans, extending payroll for employees, and more. 

As a result, FHLBank Indianapolis is offering members a total of $4B in advance specials at economically beneficial terms as part of its COVID-19 Relief Toolkit. These specials provide both short- and long-term flexibility to members as they work to support customers that have been directly impacted by the ongoing pandemic.

We structured these advances, which will be available between April 27-June 30, to ensure that members of all sizes enjoy reliable access to COVID-19-related funding. 

To learn more about these COVID-19-related specials, please register for our member webinar tomorrow (Friday, April 24) at 11:00 a.m. EDT.

Explore the Product Fact Sheet ahead of time to learn more about our COVID-19 Special Advances, which provides details on the two following programs:

  • $2B in six-month bullet fixed-rate advances, priced at 25 bps.
  • $2B in fixed-rate bullets with maturities ranging from 1-5 years, priced comparably to FHLBank’s Community Investment Program.

  • To apply for either program, please complete the 2020 COVID-19 Advances Program Application & Certification.

    We’ve also increased the total funding available for the 2020 Elevate small business grant pool to $500,000. FHLBank Indianapolis’ Elevate grant helps stimulate local economic development, business expansion, workforce development, and job creation for small businesses throughout Indiana and Michigan. Last month we adjusted the Elevate program guidelines to provide additional flexibility to small businesses during the pandemic. Because PPP funds were exhausted so rapidly, we expanded the award pool by 33% from $375,000 to $500,000. 

    For more information on the Elevate small business grant or to help your small-business customers apply now, please review the Elevate Program Guide and related documents. The application window closes June 1, and Elevate grant winners will be announced on July 15.

    In these challenging and unprecedented times, the Bank remains dedicated to meeting our members’ needs. We designed these solutions with you and your customers in mind. Please contact your Account Manager directly, Member Services at 800-442-2568, or Community Investments at 800-688-6697 for additional support or to answer questions.

    Sincerely,

    Cindy Konich
    President and CEO, FHLBank Indianapolis