The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) announced the opening of the 2020 Elevate Small Business Grant Program with $375,000 available. You can find program information, training tools, marketing materials, along with the application at www.fhlbi.com/elevate.
- To qualify, an eligible small business must:
- Be headquartered in Indiana or Michigan;
- Been in business, under current ownership, for at least 12 months, prior to June 1, 2020;
- Have annual gross revenue less than $1 million;
- Be for-profit business; and
- Partner with FHLBank Indianapolis Member, found at www.fhlbi.com/member-directory
- Small businesses can use up to $25,000 for capital expenditures, workforce training, or a variety of other needs or up to $12,500 for working capital
- Applications are due June 1, 2020
- Awards are announced July 15, 2020
- Eligible expenses must occur between June 1, 2020 – January 31, 2021
Program Updates in Response to COVID-19
*With the current situation affecting the economic health of our communities, some Elevate features have been changed since Bulletin 2005-2020 Community Investments Program Update was issued.
These changes include:
- Allowing up to $12,500 to be applied for working capital
- Upon notification of the award, Elevate funds will be disbursed to the FHLBank Indianapolis member, who can disburse funds to the small business after receipt of proper documentation