FHLBank Indianapolis Awards More Than $500,000 in Small Business Grants

FHLBank Indianapolis recently announced that 21 Indiana and Michigan businesses were awarded the bank’s Elevate Small Business Grant. Now in its third year, Elevate was developed to strengthen our communities and encourage Indiana and Michigan small businesses to further develop their relationship with an FHLBank Indianapolis member financial institution.

This year, in response to the COVID-19 pandemic, the total pool of funding was increased to $500,000 and guidelines were adjusted to provide additional flexibility.

Grant recipients submitted applications through their financial institution for up to $25,000 for use towards purchase of real property, facility expansion, workforce training, technology enhancements and other business needs. The Elevate grant is open to all for-profit Indiana and Michigan businesses with annual revenue of less than $1 million. Applications were evaluated based on their feasibility as well the impact grants would have on the community.

“From American Cleaners in Mount Pleasant, Michigan (thanks to member Isabella Bank), to Jeremi Vocational Institute in Munster, Indiana (partnered with Peoples Bank), we're honored to join together with our members to support local entrepreneurship,” said Cindy Konich, FHLBank Indianapolis President and CEO. “In these challenging and unprecedented times, the bank remains dedicated to meeting our member’s needs.”

In total, this year FHLBank Indianapolis awarded $503,171 in Elevate grants to small businesses looking to take their success to the next level. A summary of the grant recipients is included below, and a more detailed list is available here: FHLBank Indianapolis 2020 Elevate recipients.

FHLBank Indianapolis Member

Business

City

State

Alliance Bank

Country Color Floral and Gifts

Francesville

IN

The Bippus State Bank

Salamonie Automotive

Warren

IN

The Bippus State Bank

Son-Rise Bakery

Warren

IN

First Independence Bank

Detroit Cycling Studio

Detroit

MI

Home Bank

A Senior Retreat

Martinsville

IN

Home Bank

Hunter’s Honey Farm

Martinsville

IN

Home Bank

Hali Mae Events

Mooresville

MI

Isabella Bank

American Cleaners

Mt. Pleasant

MI

Lake Osceola State Bank

Family Supportive Services of Northern Michigan

Cadillac

MI

Lake Superior Comm. Dev. Corp

Ihana Jewelry and Artisan Gifts

Baraga

MI

Lake Superior Comm. Dev. Corp

Nine Zero Six Communications

Baraga

MI

Level One Bank

Anew Life Prosthetics and Orthotics

Detroit

MI

Level One Bank

Detroit Dough

Detroit

MI

Level One Bank

Mona Lisa Development

Detroit

MI

Level One Bank

Nakee & Co.

Hamtramck

MI

Level One Bank

Le’Host

Ferndale

MI

Merchants Bank of Indiana

Ash & Elm

Indianapolis

IN

MSU Federal Credit Union

Value Engineering

Lansing

MI

Our Community Bank

Main St Coffee

Spencer

IN

Oxford Bank

Flow Coatings

Clarkston

MI

Peoples Bank

Jeremi Vocational Institute

Munster

IN

 

Learn more about the Elevate Small Business Grant and other Community and Housing programs offered by FHLBank Indianapolis.