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ELEVATE

ELEVATE. Small business grant. 3.2019. Rori Chaney, AVP, Community Lending Manager. As of 1/31/19. What is FHLBank Indianapolis?. Regional Wholesale Bank Serving member financial institutions throughout Indiana and Michigan since 1932. Our Mission

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ELEVATE

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  1. ELEVATE Small business grant 3.2019 Rori Chaney, AVP, Community Lending Manager

  2. As of 1/31/19 What is FHLBank Indianapolis? Regional Wholesale Bank Serving member financial institutions throughout Indiana and Michigan since 1932. Our Mission To provide a reliable source of liquidity to members to support housing finance, asset-liability management, and community lending.  To provide grants and low-cost loans to our members that help support affordable housing and economic development initiatives.

  3. Overview Cooperatives created by Congress in 1932 11 regional banks with over $1 trillion in total assets Member owned – only members can access products/services Each FHLBank independently managed 10% of yearly net earnings from each bank are reinvested into communities Federal Home Loan Bank System

  4. Overview Cooperatives created by Congress in 1932 11 regional banks with over $1 trillion in total assets Member owned – only members can access products/services Each FHLBank independently managed 10% of yearly net earnings from each bank are reinvested into communities Federal Home Loan Bank System

  5. purpose The Federal Home Loan Bank of Indianapolis created the Elevate grant to help stimulate local economic development, business expansion, workforce development, and job creation through small businesses in the Bank’s district states of Indiana and Michigan. Elevate Small Business Grant

  6. Who is eligible? Elevate was developed to help businesses and communities in the Bank’s district. Therefore, only small businesses in the states of Indiana and Michigan are eligible who: Have been in business for at least 12 months; Have annual revenue less than $1 Million; Are a for-profit business; Provide a complete budget of sources and uses of funds involved with the qualifying expense. Elevate Small Business Grant

  7. The Bank will target to award $375,000 in Elevate grants in 2019 Maximum request amount per application is $25,000 Applicants are limited to one application per year Applicants must be “sponsored” by a FHLBank Indianapolis Member financial institution Members may ‘sponsor’ more than one applicant/small business Elevate Small Business Grant

  8. What can it be used for? Acquisition of real property Acquisition of buildings, office space, warehouse space etc. Facility expansion Acquisition of machinery or equipment Elevate Small Business Grant Workforce development or training Business loan closing costs Other technology enhancements The following are the permitted uses of Elevate:

  9. Decisions, decisions… Applications that, in the Bank’s judgment, best meet the objectives of the ELEVATE Grant: Make positive contributions toward: a) local economic development, b) business expansion, c) workforce development, or d) job creation. Evaluation Factors: Additional factors can be found in the Elevate Program Guide

  10. Application process All applications must be submitted by a FHLBank Indianapolis Member financial institution FHLBank Indianapolis Member must submit one Master Agreement to submit applications Applications will be made available on the Bank’s website (www.fhlbi.com) by May 1, 2019 Applications are due to FHLBI no later than July 15, 2019 Awards will be announced no later than August 16, 2019 Applying for the Grant

  11. Notes to remember All awards are distributed as a re-imbursement Applicants should be prepared to have funding in place to complete the project and then seek re-imbursement from the Elevate grant. Project expenses must take place between August 1, 2019 and March 1, 2020. Grants will be disbursed through the corresponding FHLBank Indianapolis member that submitted the awarded application. Elevate Small Business Grant

  12. Questions? Contact an Elevate team member at: elevate@fhlbi.com Or visit our website: www.fhlbi.com/elevate Elevate Small Business Grant

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