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.