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.

FHLBank Indianapolis
1st Source Bank Antonuccio’s Italian MarketFort WayneIN
1st Source Bank Neighborhood Development Associates, LLCLakevilleIN
Boonville Federal Savings Bank ICR Advertising, Inc.EvansvilleIN
Citizens State Bank Fit Chicks, LLCFishersIN
Citizens State Bank Studio 1534, LLCNew CastleIN
First Federal Savings Bank of Washington Ice Design StudioVincennesIN
First Merchants Bank J’s Breakfast ClubGaryIN
Heritage Federal Credit Union Flowers and More, LLCEvansvilleIN
Heritage Federal Credit Union Honey Moon Coffee Co., LLCEvansvilleIN
Hoosier Heartland State Bank Wildfire348CrawfordsvilleIN
LNB Community Bank Trelcru, Inc.BoonvilleIN
Merchants Bank of Indiana Kismetic Beer CompanyIndianapolisIN
Merchants Bank of Indiana Stomping GroundIndianapolisIN
Merchants Bank of Indiana Tea’s Me Community Café, LLCIndianapolisIN
Old National Bank Reclaimed Fort Wayne Salvage Co.Fort WayneIN
Scottsburg Building & Loan Assn. Westwood Golf CourseScottsburgIN
The Farmers Bank Chef Karyn, LLCSheridanIN
The North Salem State Bank Danville Florist, LLCDanvilleIN
Three Rivers Federal Credit Union Fabcore PlasticsFort WayneIN
Three Rivers Credit Union The Red Stiletto, LLCFort WayneIN
Central Savings Bank St. Ignace in Bloom Greenhouse & FloristSt. IgnaceMI
Citizens National Bank of Cheboygan Stema Welding, LLCCheboyganMI
ELGA Credit Union Comma Bookstore & Social HubFlintMI
First National Bank & Trust Crispigna’s Italian MarketIron MountainMI
First National Bank of America Develop ArchitectureDetroitMI
First State Bank Love Travels Imports, LLCDetroitMI
First State Bank Pilates Method, LLCBirminghamMI
First State Bank Timber Creek CounselingChelseaMI
Lake Trust Credit Union Mr. Leslie’s CheesecakesLansingMI
Lake Trust Credit Union SkinphoreaRoyal OakMI
Metro Community Development, Inc. Prestige Promotions, LLCBurtonMI
Old National Bank Reel Clever Films, LLCDetroitMI
Old National Bank Stingray Advisory Group, LLCMuskegonMI
Safe Harbor Credit Union Haven Design Build, LLCFremontMI
Superior National Bank Copper Country Boat Tours, LLCHoughtonMI
Superior National Bank Dynamic Metalworks, LLCAtlantic MineMI
Superior National Bank Ghost House Farm, LLCHancockMI
Upper Peninsula State Bank Beaver’s LuresEscanabaMI

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.