Federal Home Loan Bank of Indianapolis

Elevate Small Business Grant Program

Challenge

FHLBank Indianapolis believes that small businesses are the foundation of our communities and that strong small businesses generate more economic opportunities for everyone. While FHLBank Indianapolis sets aside about 10% of profits annually to support affordable housing, feedback we received from our member financial institutions was that their small business customers often lacked the capital or resources to take their business to the next level.

Actions

In 2017, FHLBank Indianapolis began evaluating options to help small businesses thrive through partnership with our member institutions.  In 2018, the Bank launched Elevate, a small business grant program to help stimulate local economic development, business expansion, workforce development, and job creation throughout Indiana and Michigan.

Outcomes

  • More than 92 small businesses partnered with member institutions to apply for $250,000 in Elevate grants; 78% of these applicants were diverse-owned businesses.
  • FHLBank Indianapolis exceeded its initial grant fund by awarding a total of $255,595 to 11 Michigan and Indiana small businesses; 55% of those awardees were diverse-owned businesses.
  • Based on the success of the Elevate program, in 2019, FHLBank Indianapolis anticipates awarding $375,000 in small business grants, not to exceed $25,000 per recipient.

For more information on the Elevate Program, go to www.fhlbi.com/elevate.

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