News Summary
The Federal Home Loan Bank of Indianapolis recently announced the award of financial grants to 100 small businesses across Indiana and Michigan. This record number of grants, with each business eligible for up to $20,000, highlights the program’s commitment to enhancing community development and supporting local economies. Over 250 small businesses have benefitted since the program’s inception, making a significant impact in both states. The streamlined application process aims to expedite support for small business owners in need of financial assistance.
Indianapolis
The Federal Home Loan Bank of Indianapolis has announced the recipients of its 2025 Elevate Small Business Grants, marking a record year for the program. On October 9, 2025, the bank revealed that a total of 100 small businesses across Indiana and Michigan received financial support this year.
Breakdown of Grant Recipients and Funding Details
Among the 100 grant recipients, 53 are located in Michigan, highlighting the program’s significant impact within the state. These grants, which can be as much as $20,000 each, are awarded to small business owners with annual gross revenues of less than $1 million. The grants are intended to support various business needs, including expanding facilities, upgrading technology, purchasing new equipment, and workforce development initiatives.
Record Number of Grants and Program Growth
This year’s funding round and program enhancements resulted in the highest number of grants awarded since the program’s inception in 2018. Additionally, this year’s recipients are more than doubled compared to the previous year, 2024, representing a significant increase driven by program design changes and increased funding. Since its launch, the Elevate Small Business Grant program has supported over 250 small businesses, totaling more than $1.8 million in grants.
Program Background and Impact in Michigan
The Elevate Small Business Grant program is now in its eighth year, demonstrating a sustained commitment to fostering small business growth and community development. Over the past four years alone, FHLBank Indianapolis has provided 109 small business grants specifically targeting Michigan, helping to strengthen the state’s small business economy. The program’s goal is to stimulate economic activity through strategic investments in local businesses, which in turn supports broader community development.
Application Process and Program Features
This year’s grant process was streamlined through a new application platform. Member financial institutions were able to submit applications on behalf of eligible small businesses for automated approval, pending a review of eligibility requirements. This change aimed to expedite the awarding process and increase accessibility for small businesses seeking financial aid.
Additional Information and Future Opportunities
Individuals interested in learning more about the recipients or seeking additional details about the Elevate Small Business Grant program can visit the Elevate Small Business Grant webpage on the FHLBank Indianapolis website. The program continues to prioritize investments that promote community development and economic resilience within Indiana and Michigan.
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Additional Resources
- CU Insight: Lake Trust Business Members Awarded $20K in Small Business Grants
- Inside Indiana Business: State Awards $925K in Entrepreneurship-Focused Grants
- Fox 59: Indiana Commerce Office Awards $925,000 in Entrepreneurial-Related Grants
- Wikipedia: Small Business
- Encyclopedia Britannica: Grant
Author: STAFF HERE INDIANAPOLIS WRITER
The INDIANAPOLIS STAFF WRITER represents the experienced team at HEREIndianapolis.com, your go-to source for actionable local news and information in Indianapolis, Marion County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Indianapolis 500, Indy Jazz Fest, and the Indiana State Fair. Our coverage extends to key organizations like the Indy Chamber and Visit Indy, plus leading businesses in motorsports and healthcare that power the local economy such as Indianapolis Motor Speedway and IU Health. As part of the broader HERE network, we provide comprehensive, credible insights into Indiana's dynamic landscape.
