Federal Home Loan Bank of Indianapolis Announces 2024

INDIANAPOLIS, Aug. 1, 2024 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or “Bank”) today announced that nearly two dozen small businesses in Michigan will receive the Bank’s annual Elevate Small Business Grant, totaling $450,000 in awards across the state.

The Elevate program supports small businesses in the bank’s Michigan and Indiana districts with grants to finance growth projects such as facility expansions, equipment and technology upgrades, workforce development, and other projects designed to take small businesses to the next level by fostering growth and development.

Now in its seventh year, the Elevate grant program has supported nearly 200 small businesses in Michigan and Indiana, with more than $3.8 million disbursed since the program began.

“It’s been an honor to watch this program grow over the last few years,” said Megan Coler-Hasser, VP Community Outreach Investment Partner, who was part of the team that designed the program. “We’ve seen some of these companies grow by leaps and bounds. A key part of our core mission at FHLBank Indianapolis is supporting local communities and economic development in our district, and we’re proud to partner with our member financial institutions to support their local business and economic needs.”

Record number of subsidies awarded
Thanks to the increased funding allocations, FHLBank Indianapolis is proud to provide grants of up to $20,000 to 23 small businesses in Michigan this year, the largest amount since the program launched in 2018.

Superior National Bank, based in the Upper Peninsula, holds the record for the highest number of applications accepted in 2024. Along with other Michigan institutions, Upper Peninsula State Bank and Gogebic Range Bank hold three of the top five spots for successful grant applications in the district.

Grant applications were submitted on behalf of a wide variety of small businesses in the state, with more than 70% of awarded businesses indicating they were owned by women, minorities, veterans, or a person or persons with a disability.

A complete list of award winners is available online at fhlbi.com.

History of Elevate Small Business Grant
FHLBank Indianapolis first launched the Elevate Small Business grant program in 2018. Since then, the program has provided support and funding to nearly 200 small businesses in the county. Eligible recipients are small business owners that are headquartered in Michigan or Indiana, have annual gross revenues of less than $1 million, and have been in continuous operation for at least one year. This year, businesses were able to compete for prizes of up to $20,000 each.

For more information about how the FHLBank Indianapolis Elevate program is impacting communities in Michigan and Indiana, visit the Elevate Small Business Grant webpage at fhlbi.com.

For information about other community and economic development programs offered by FHLBank Indianapolis, see the Community Programs page on fhlbi.com.

Media contact information:
For more information, please contact Katherine Marshall, Corporate Communications Specialist, at [email protected].

Federal Home Loan Bank of Indianapolis: Building Partnerships. Serving Communities
FHLBank Indianapolis is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to provide access to low-cost financing for their member financial institutions, with a focus on providing solutions that support the housing and small business needs of member customers. FHLBanks are privately capitalized and funded and receive no appropriations from Congress. One of 11 independent regional cooperative banks in the U.S., FHLBank Indianapolis is owned by its members in Indiana and Michigan, 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, Instagram and X at @FHLBankIndy.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c5762056-28a0-462e-bd9e-efc1570ab2bf