Seventeen businesses have been awarded small business grants from the Federal Home Loan Bank of Indianapolis. The money comes from the bank’s Elevate program, an initiative to help small operations develop and expand their young businesses in Indiana and Michigan.
FHLBI says the Elevate grant is open to all for-profit businesses with annual revenue of less than $1 million. Applications were evaluated based on their feasibility as well the impact grants would have on the community.
“The Elevate Small Business grant helps already successful small businesses get the boost they need to make the next step in their growth,” said MaryBeth Wott, FHLBank Indianapolis community investment officer. “With this new round of recipients, we’re proud to share in the continued growth and success of small businesses throughout Indiana and Michigan.”
Three Indianapolis-based companies, Indy Artsy, Super Micro Greens and 8th Day Distillery, each received $25,000 to put towards new equipment for their businesses. The startups were guided through the application process by Carmel-based Merchants Bank of Indiana.
“Merchants is proud to be able to facilitate and sponsor the applications to help these local small business owners expand within our great city,” said Becca Murphy, CRA Mortgage Loan Officer at Merchants Bank of Indiana. “This is the second year in a row we’ve helped to secure funding through FHLBI’s Elevate program.”
Indy Artsy is a pottery studio and retail gift shop which helps showcase local artists. It also provides training to women recently released from incarceration.
Super Micro Greens not only grows the tiny fresh produce, but it also develops systems and technology to help other entrepreneurs grow in the business.
The third recipient is 8th Day Distillery which produces small batches of whiskey, rums and gin. Merchants Bank says the distillery is a community-focused business that collaborates with other neighborhood businesses on projects to ensure neighborhood vitality.
Martinsville-based Home Bank helped two local companies receive grants, Brock Safety Consultants LLC and Holy Smokes Hog Roast Co.
In total, this year FHLBank Indianapolis awarded more than $390.000 in Elevate grants to small businesses looking to take their success to the next level.