Federal Home Loan Bank of Indianapolis awards more than $700,000 in Elevate Small Business Grants


38 small businesses recipients selected from applicants across Indiana and Michigan

INDIANAPOLIS, Nov. 06, 2023 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis or Bank) announced today that more than $700,000 has been awarded to 38 Indiana and Michigan businesses through the Bank’s Elevate Small Business Grant program. Elevate was developed to strengthen our communities and encourage Indiana and Michigan small businesses to further develop their relationship with an FHLBank Indianapolis member financial institution.

Last year, the Bank awarded more than $500,000, making this year’s Elevate grant distribution a 40% increase in funds supporting economic growth and development.


Grant recipients submitted applications through their financial institution for up to $20,000 to use for buying property, facility expansion, workforce training, technology enhancements and other business needs.

The Elevate grant is open to all for-profit Indiana and Michigan businesses with annual revenue of less than $1 million. Applications were evaluated based on their feasibility as well as the effect grants would have on the community.

In total, this year FHLBank Indianapolis awarded $705,130 in Elevate grants to small businesses looking to take their success to the next level. A summary of the grant recipients is included below, and a more detailed list is available here: FHLBank Indianapolis 2023 Elevate recipients.

FHLBank Indianapolis
  Business City State
1st Source Bank   Antonuccio’s Italian Market Fort Wayne IN
1st Source Bank   Neighborhood Development Associates, LLC Lakeville IN
Boonville Federal Savings Bank   ICR Advertising, Inc. Evansville IN
Citizens State Bank   Fit Chicks, LLC Fishers IN
Citizens State Bank   Studio 1534, LLC New Castle IN
First Federal Savings Bank of Washington   Ice Design Studio Vincennes IN
First Merchants Bank   J’s Breakfast Club Gary IN
Heritage Federal Credit Union   Flowers and More, LLC Evansville IN
Heritage Federal Credit Union   Honey Moon Coffee Co., LLC Evansville IN
Hoosier Heartland State Bank   Wildfire348 Crawfordsville IN
LNB Community Bank   Trelcru, Inc. Boonville IN
Merchants Bank of Indiana   Kismetic Beer Company Indianapolis IN
Merchants Bank of Indiana   Stomping Ground Indianapolis IN
Merchants Bank of Indiana   Tea’s Me Community Café, LLC Indianapolis IN
Old National Bank   Reclaimed Fort Wayne Salvage Co. Fort Wayne IN
Scottsburg Building & Loan Assn.   Westwood Golf Course Scottsburg IN
The Farmers Bank   Chef Karyn, LLC Sheridan IN
The North Salem State Bank   Danville Florist, LLC Danville IN
Three Rivers Federal Credit Union   Fabcore Plastics Fort Wayne IN
Three Rivers Credit Union   The Red Stiletto, LLC Fort Wayne IN
Central Savings Bank   St. Ignace in Bloom Greenhouse & Florist St. Ignace MI
Citizens National Bank of Cheboygan   Stema Welding, LLC Cheboygan MI
ELGA Credit Union   Comma Bookstore & Social Hub Flint MI
First National Bank & Trust   Crispigna’s Italian Market Iron Mountain MI
First National Bank of America   Develop Architecture Detroit MI
First State Bank   Love Travels Imports, LLC Detroit MI
First State Bank   Pilates Method, LLC Birmingham MI
First State Bank   Timber Creek Counseling Chelsea MI
Lake Trust Credit Union   Mr. Leslie’s Cheesecakes Lansing MI
Lake Trust Credit Union   Skinphorea Royal Oak MI
Metro Community Development, Inc.   Prestige Promotions, LLC Burton MI
Old National Bank   Reel Clever Films, LLC Detroit MI
Old National Bank   Stingray Advisory Group, LLC Muskegon MI
Safe Harbor Credit Union   Haven Design Build, LLC Fremont MI
Superior National Bank   Copper Country Boat Tours, LLC Houghton MI
Superior National Bank   Dynamic Metalworks, LLC Atlantic Mine MI
Superior National Bank   Ghost House Farm, LLC Hancock MI
Upper Peninsula State Bank   Beaver’s Lures Escanaba MI

Learn more about the Elevate Small Business Grant and other Community and Housing programs offered by FHLBank Indianapolis at www.fhlbi.com.

Questions? Contact Scott Thien, Sr. Internal Communications Lead, at [email protected].

Federal Home Loan Bank of Indianapolis: Building Partnerships. Serving Communities.
FHLBank Indianapolis is a regional bank included in 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, 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 receive no Congressional appropriations. 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 X (formerly known as Twitter) at @FHLBankIndy.

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