Elevate Small Business Grant: Up to $20,000 for Indiana and Michigan Businesses, Apply by Oct. 1, 2026

The Federal Home Loan Bank of Indianapolis has opened its 2026 Elevate Small Business Grant round for eligible businesses in Indiana and Michigan. The program can provide up to $20,000 to help small businesses pay for equipment, training, technology, working capital, and other growth-related expenses.

This is not a direct-to-bankless-business application. To apply, a business must work through a participating FHLBank Indianapolis member financial institution, which submits the request on the business's behalf.

What the Funding Covers

• Capital expenditures, including certain equipment and property-related costs
• Technology upgrades and operational improvements
• Workforce training and professional development
• Working capital and related eligible business expenses

How Much Is Available

For the 2026 round, member institutions may submit:

• One request up to $20,000 for one small business, or
• Two requests up to $10,000 each for two small businesses

The program page says the per-member cap is $20,000.

Who Can Apply

Based on the official program materials, eligible applicants generally must be for-profit small businesses located in Indiana or Michigan and apply through a participating FHLBank Indianapolis member institution.

• Location: Indiana or Michigan
• Business type: For-profit small business
• Revenue: Prior program guides required average annual gross revenue of at least $20,000 and less than $1 million
• Application path: Must be submitted through a participating member financial institution
• Past recipients: Prior materials required a waiting period before reapplying

Applicants should review the current 2026 program guide with their participating lender before submitting because final eligibility is controlled by the official program materials.

How to Apply

• Step 1: Contact a participating FHLBank Indianapolis member institution
• Step 2: Review the 2026 Elevate Small Business Grant materials
• Step 3: Gather business financials, budget details, and cost documentation
• Step 4: Work with the member institution to submit the application through the FHLBI process

Key Dates for the 2026 Round

• Round materials available: June 3, 2026
• Notice of Intent due: Sept. 4, 2026
• Application due: Oct. 1, 2026
• Awards announced: Oct. 22, 2026

Why This Program Stands Out

This is one of the more specific regional small business funding programs currently available because it includes a clear dollar amount, a defined application route, and a published 2026 deadline window. Recent coverage in Michigan also shows the program being used by real small businesses for facility and equipment improvements.

If your business is in Indiana or Michigan and already works with a participating financial institution, this is worth checking now so you have time to prepare documents before the September and October deadlines.

Sources: Federal Home Loan Bank of Indianapolis; Midland Daily News