Latest News / FHL Bank of Indianapolis Offering Grant Opportunity for Small Businesses
FHL Bank of Indianapolis Offering Grant Opportunity for Small Businesses
June 7, 2018
Are you running a small business that could use a little boost to get to that next level?
Centier Bank wants to let its small business clients know of an amazing opportunity to apply for up to $25,000 in funding from the Federal Home Loan Bank of Indianapolis (FHL Bank of Indianapolis)’s 2018 Elevate Grant program. The purpose of the grant is “to help stimulate local economic development, business expansion, workforce development, and job creation” in Indiana and Michigan.
Grant recipients will be able to use the funds – up to $25,000 per grant ($250,000 will be funded) – for the purposes of:
- Acquiring (by purchase, lease or otherwise) real property;
- Acquiring (by purchase, lease, or otherwise) a building or working space for the applicant (such as storefront, office space, warehouse space, workshop space, etc.);
- Funding working capital;
- Facility expansion;
- Acquiring machinery or equipment;
- Workforce development or training;
- Business loan closing costs;
- Other technology enhancements; or
- Other capital expenditures.
The grant will be awarded based on the applications that best meet the objects for the Elevate Grant. There are a number of other evaluation factors as well, including whether the applicant is a minority-, veteran-, woman-, or disabled-owned business, whether the applicant is in a low-to-moderate income census tract, among other considerations. The full list of evaluation factors can be viewed here.
In order to qualify for consideration, business owners will need to fill out the application and have it to FHL Bank of Indianapolis by 5:00 pm EST on August 1, 2018. The final award announcement will come on August 31, 2018.
For more information on the grant, click here. To get started, contact a Centier Small Business Banker, who can work with you on submitting an application. The Federal Home Loan Bank will review all applications received by the Application Deadline that are complete, fully executed, and supported by a fully-executed Elevate Master Agreement.