FHLBank Indianapolis Elevate — Small Business Grant
Federal Home Loan Bank of Indianapolis
Up to $20,000
Up to $20K for IN/MI small businesses — apply through your local bank
The Elevate Small Business Grant is an annual program administered by FHLBank Indianapolis through its member financial institutions (banks, credit unions, and savings associations) for small businesses in Indiana and Michigan. Grants of up to $20,000 are provided to qualifying small businesses that have been operating for at least 1 year and generate less than $1 million in annual gross revenue. Eligible uses include capital expenditures, workforce training, technology upgrades, and equipment. To access the grant, business owners must work through a participating FHLBank Indianapolis member institution. The 2026 round has $2.1 million available and is non-competitive.
- Funding type
- Grant
- Level
- Foundation
- Amount range
- $2,500 – $20,000
- Realistic amount
- Most awards appear to be $10,000 per business. A business may receive up to $20,000 if a single member institution submi…
- Deadline
- Annual — 2026 cycle: Notice of Intent due September 4; Applications due October 1; Awards announced October 22.
- Status
- active
- States
- IN, MI
- Payment model
- lump sum
Who qualifies
- Business must be headquartered in Indiana or Michigan
- Business must have been in continuous operation for at least 1 year
- Annual gross revenue must be less than $1,000,000
- Business must work through a participating FHLBank Indianapolis member financial institution (bank, credit union, savings association) to apply — the member submits the application
- For-profit small businesses (nonprofits may also be eligible — confirm with your member institution)
- Business must not be affiliated with the sponsoring member institution's equity interests
- Must meet FHLBank Indianapolis's definition of 'small business' (consistent with SBA size standards)
Hard requirements
- Location restriction: Indiana or Michigan
- Maximum $1,000,000 annual revenue
What it covers
Eligible expenses
- Capital expenditures (equipment, machinery, vehicles)
- Workforce training and professional development
- Technology upgrades and software
- Leasehold improvements
- Working capital and operational expenses
Ineligible expenses
- Personal expenses unrelated to the business
- Businesses outside Indiana or Michigan
- Businesses with revenue over $1 million
- Real estate speculation
How to apply
-
1
Identify a participating FHLBank Indianapolis member institution
Contact your local bank, credit union, or savings association in Indiana or Michigan and ask if they are a FHLBank Indianapolis member participating in the Elevate program. Your banker will need to submit the application on your behalf. Not every bank participates — may need to check with multiple local institutions.
~1 hrs
-
2
Review eligibility and gather documentation
Download the 2026 Elevate Program Guide from fhlbi.com/elevate (available June 3, 2026). Work with your participating bank to confirm your business meets eligibility requirements: 1+ year in operation, <$1M annual gross revenue, IN or MI location. Prepare documentation the bank may request to certify your eligibility.
~2 hrs
-
3
Member institution files Notice of Intent (due September 4)
Your participating bank files a Notice of Intent by September 4, 2026. This is the bank's step — confirm your banker has submitted this by the deadline if you are targeting the 2026 cycle.
~0.5 hrs
-
4
Full application submitted by member (due October 1)
The member institution submits the full Elevate application including your business information by October 1, 2026. The program is non-competitive in 2026 — all eligible applications are expected to be funded up to program capacity.
~2 hrs
-
5
Award announced October 22 and funds disbursed
FHLBank Indianapolis announces awards on October 22, 2026. Funds are disbursed through the member institution to your business. No reimbursement model — grants arrive as cash.
~0.5 hrs
The program is non-competitive in 2026 — meaning all eligible, complete applications from member institutions are expected to be funded up to the $2.1M cap. The key bottleneck is finding a participating member institution willing to submit on your behalf. Small community banks and credit unions with strong FHLBank relationships are your best entry point. Contact multiple local banks early — don't wait until September.
Deadline & timing
The program materials for 2026 will be available June 3. Small businesses must work through a participating FHLBank Indianapolis member institution to apply. The member institution submits the application on behalf of up to 20 small businesses in a single submission. Start conversations with your bank or credit union early — member interest may limit available slots.
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Last reviewed 2026. GrantCompass is an independent funding-discovery tool and is not affiliated with any government agency. Always confirm details on the official program page.