Federal Home Loan Bank of Indianapolis announces 2024 Michigan Elevate Small Business Grant recipients
01 Agosto 2024 - 11:14AM
Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or
“Bank”) today announced that nearly two dozen Michigan small
businesses will receive the Bank’s annual Elevate Small Business
Grant, totaling $450,000 in awards statewide.
The Elevate program supports small businesses across the Bank’s
district of Michigan and Indiana with grant money to fund growth
projects such as facility expansion, 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 across Michigan and Indiana, for a
total of more than $3.8M spent since the program’s inception.
“It’s been an honor watching this program grow over the past few
years,” says Megan Coler-Hasser, VP Community Outreach Investment
Partner, who was part of the team that designed the program. “We’ve
been able to see some of these businesses grow by leaps and bounds.
A significant piece of our core mission at FHLBank Indianapolis is
supporting local communities and economic development across our
district, and we’re so proud to partner with our member financial
institutions to support their local business and economic
needs.”
Record number of grants awardedThis year, due
to increased funding allocations, FHLBank Indianapolis is proud to
provide grants of up to $20,000 each to 23 small businesses in
Michigan, the most since the program’s launch in 2018.
Upper Peninsula-based Superior National Bank holds the 2024
record for the highest number of accepted applications, and
together with fellow Michigan institutions Upper Peninsula State
Bank and Gogebic Range Bank holds three of the top five spots for
successful grant applications across the district.
Grant applications were submitted on behalf of a diverse array
of small businesses across the state, with more than 70% of awarded
businesses reporting as woman, minority or veteran-owned businesses
or businesses owned by a person or persons with a disability.
A full list of award recipients is available online at
fhlbi.com.
Elevate Small Business Grant historyFHLBank
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 across its district.
Eligible recipients are small business owners whose business is
headquartered in either Michigan or Indiana with an annual gross
revenue of less than $1 million and which has been continuously
operating for at least one year. This year, businesses were able to
compete for awards of up to $20,000 each.
For more information on how the FHLBank Indianapolis Elevate
program affects communities across Michigan and Indiana, see the
Elevate Small Business Grant webpage on fhlbi.com.
For information on other community and economic development
programs offered by FHLBank Indianapolis, see the Community
Programs page on fhlbi.com.
Media contact information:For more information,
contact Katherine Marshall, Corporate Communications Specialist, at
kmarshall@fhlbi.com.
Federal Home Loan Bank of Indianapolis: Building
Partnerships. Serving CommunitiesFHLBank 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 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 they receive no
Congressional appropriations. One of 11 independent regional
cooperative banks across the U.S., 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 Instagram and X at
@FHLBankIndy.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c5762056-28a0-462e-bd9e-efc1570ab2bf