FHLBank of Indianapolis awards more than $500,000 in Elevate Small Business Grants

last updated on Wednesday, November 23, 2022 in Community News

The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) has announced that 27 Indiana and Michigan businesses were awarded the Bank’s Elevate Small Business Grant. Now in its fifth 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, more than $500,000 in funding was available.

Grant recipients submitted applications through their financial institution for up to $20,000 for use toward 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 as the effect grants would have on the community.

In total, this year FHLBank Indianapolis awarded $507,825 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, including grant totals, is available here: FHLBank Indianapolis 2022 Elevate recipients.

Click here to read the Bank's full news release, then click here to read more about our Elevate program.