FHLBank Indianapolis recently awarded Elevate Small Business grants to 11 Indiana and Michigan small businesses. 2018 was the inaugural year for the Elevate program, which saw more than 92 small businesses partner with local financial institutions to compete for grants of up to $25,000 each to use towards capital expenditures, workforce training, and other business needs.
Michigantown-based Ostler Board Stud paired with The Farmers Bank to submit a business case for a $25,000 grant to assist with capital expenses such as constructing a barn and purchasing lab equipment and packaging machinery for the boar genetics company.
“We’re excited to be able to support small businesses like Ostler Board Stud – we know they are an important fixture in the community they serve,” said Cindy Konich, FHLBank Indianapolis President and CEO.
In total, FHLBank Indianapolis awarded $255,595 in 2018 Elevate grants to area small businesses looking to take their businesses in low-income areas to the next level.
“FHLBank Indianapolis already has a nearly 30-year history of committing about 10% of annual earnings to fund affordable housing grants throughout Indiana and Michigan,” said MaryBeth Wott, Community Investment Officer at FHLBank Indianapolis. “Last year, financial institutions throughout the two states gave us feedback that small business grants would meet an important need in their communities, so we quickly implemented the Elevate program.” Small businesses were required to be sponsored by an FHLBank Indianapolis member to complete the Elevate application.
Building Partnerships. Serving Communities.
The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) is one of 11 regional banks that make up 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. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, which include commercial banks, credit unions, insurance companies, and savings banks. For more information about the FHLBank Indianapolis, visit www.fhlbi.com.