Federal Home Loan Bank of Indianapolis awards more than $700,000 in Elevate Small Business Grants

38 small businesses recipients selected from applicants across Indiana and Michigan

INDIANAPOLIS, Nov. 06, 2023 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis or Bank) announced today that more than $700,000 has been awarded to 38 Indiana and Michigan businesses through the Bank’s Elevate Small Business Grant program. 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.

Last year, the Bank awarded more than $500,000, making this year’s Elevate grant distribution a 40% increase in funds supporting economic growth and development.

Grant recipients submitted applications through their financial institution for up to $20,000 to use for buying 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 $705,130 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 2023 Elevate recipients.

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

Questions? Contact Scott Thien, Sr. Internal Communications Lead, at sthien@fhlbi.com.

Federal Home Loan Bank of Indianapolis: Building Partnerships. Serving Communities.
FHLBank Indianapolis is a regional bank included in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com and follow the Bank on LinkedIn and X (formerly known as Twitter) at @FHLBankIndy.