Federal Home Loan Bank awards small business grants
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Federal Home Loan Bank of Indianapolis this month announced more than $550,000 in grants to over two dozen small businesses throughout Indiana.
The funding comes from the bank’s Elevate Small Business Grant program, which is designed to help fuel growth projects such as facility expansions, equipment and technology upgrades, and workforce development.
The bank said it awarded a record number of grants this year, with funding up to $20,000 each going to 30 small businesses, the most since the program’s inception in 2018.
“It’s been an honor watching this program grow over the past few years,” Vice President Megan Coler-Hasser said in a news release. “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.”
The bank said more than 70% of applicants this year were woman-, minority-, or veteran-owned businesses, or businesses owned by a person with a disability.
Grants were also awarded to several small businesses in Michigan. You can view the full list of grant recipients by clicking here.