FHLBank Indianapolis Announces Recipients of Elevate Grants
The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) has recently unveiled the recipients of its Elevate Small Business Grants for the upcoming year. This year, a remarkable total of 47 small businesses in Indiana have been selected to receive this funding, resulting in a significant boost to the local entrepreneurial landscape.
Empowering Small Businesses Across Indiana
These Elevate Small Business Grants are designed to encourage growth and development within the small business sector across Indiana and Michigan. Funded projects have included facility expansions, technological upgrades, and workforce development initiatives. Since its inception, the Elevate Grant program has successfully supported over 250 businesses, providing individual grants of up to $20,000 to promote growth and innovation.
Enhancing Community Development
MaryBeth Wott, the Senior Vice President of Community Investment and Strategic Planning, expressed the goal behind these grants. She mentioned, "With Elevate, we're working to support community and economic development across the spectrum." This aligns with the mission of FHLBank Indianapolis to support local businesses in communities that benefit from affordable housing programs.
A Record Year for Grants
This year's grant distribution marks a historic milestone, with 100 small businesses across the district receiving grants, the highest number since the program's launch in 2018. The 2025 round saw a noteworthy increase of 56% in the number of awarded grants to Indiana businesses compared to previous years, highlighting the Bank's commitment to fostering local entrepreneurship.
Maximizing Impact Through Program Redesign
Reflecting on this year’s achievements, Rori Chaney, Associate Director of Community Investment, noted: "We retooled the program this year to really maximize our impact, and the numbers show that worked." The approach has proven effective, allowing for more than double the number of businesses to receive grants compared to the previous year, demonstrating the evolving needs of Indiana's dynamic small business ecosystem.
Significant Contributions to Small Business Economy
Over the past four years, FHLBank Indianapolis has provided substantial support to the state's small business sector. With a total of 109 small business grants amounting to $1.8 million, the Bank has made a significant investment in local economies through this program.
Details of the Elevate Small Business Grant Program
The Elevate Small Business Grant program, first launched in 2018, aims to assist small business owners located in Indiana or Michigan with annual gross revenues of less than $1 million. This funding opportunity, formerly competitive, has transformed in 2025, allowing member financial institutions of FHLBank Indianapolis to apply for grants on behalf of eligible businesses. This change has streamlined the process and ensured swift support for those in need.
How to Learn More
For those interested in more information regarding the Elevate Small Business Grant program or to see the complete list of awardees for 2025, additional resources can be found on the official FHLBank Indianapolis website.
Media Contact Information
For further inquiries, please contact John Bingham, SVP, MPP, and Corporate Communications, at jbingham@fhlbi.com.
Frequently Asked Questions
What are the Elevate Small Business Grants?
The Elevate Small Business Grants are funding opportunities provided by FHLBank Indianapolis aimed at supporting small businesses in their growth and development initiatives.
How much funding can a business receive from the Elevate Grants?
Each selected business can receive up to $20,000 to aid in various growth projects such as facility expansions and equipment upgrades.
Who is eligible for the Elevate Small Business Grants?
Eligible recipients are small business owners headquartered in Indiana or Michigan with annual gross revenues under $1 million.
When was the Elevate Grant program initiated?
The program was first launched in 2018 and has been growing in impact since then.
How can businesses apply for these grants?
Member financial institutions of FHLBank Indianapolis are the gateways for submitting applications on behalf of small businesses.
