Pictured: Previous recipients of the Elevate Small Business Grant, Wildfire348 (2023), Sunshine In A Box (2024), and Elderberry Everything (2025).
2026 FHLBI Elevate Small Business Grant
$20,000 Grant Available for Small Businesses
HHSB is proud to partner with FHLBank Indianapolis to offer the Elevate Small Business Grant to one deserving local business. This program is designed to fuel growth and development of small businesses, their workforce, and the communities in which they are located. FHLBI will award one grant of $20,000 to be used for capital expenditures, workforce training, or other eligible expenses that give small businesses the boost they need to take their operations to the next level.
Who Can Apply?
In order to be eligible for this grant, small businesses must:
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Be a for-profit entity
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Have been established under its current ownership since October 1, 2025, or prior
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Have 2025 annual gross revenue of $1 million or less but more than $20,000
- Business or corporate office must be located in Boone, Fountain, Hendricks, Montgomery, Parke, Putnam, or Tippecanoe counties.
*Residential projects, nonprofit organizations, and government entities are ineligible to apply.
Elevate Priorities
At least one of the following priorities must be met:
- Housing industry trades: A business that supports housing creation through their products and services.
- Public presence: Businesses operating from, or establishing, a non-residential commercial location.
- Community enhancement: The small business provides training services in the areas of financial, occupational, or personal well-being.
What Can the Grant Be Used For?
The following are allowable or eligible uses of the Elevate grant awards. Expenses must be incurred between September 1, 2026 – March 31, 2027:
The following are allowable or eligible uses of the Elevate grant awards. Expenses must be incurred between September 1, 2026 – March 31, 2027:
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Purchase or improvement of property
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Machinery, tools, or equipment
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Workforce development or training
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Technology enhancements
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Inventory, materials, or supplies
*Ineligible uses include, but are not limited to: rent, utilities, debt payments, salaries, wages, stipends, and/or other benefits for staff, whether permanent or temporary. Also, grant awards may not be used to support the purchase of a residential property or property in which the grant recipient will call their personal residence.
How to Apply?
Download an application to get started! Applications and supporting documents are due by 12 PM on September 18, 2026. Please submit to elevate@myhhsb.com or mail them to:
Download an application to get started! Applications and supporting documents are due by 12 PM on September 18, 2026. Please submit to elevate@myhhsb.com or mail them to:
Hoosier Heartland State Bank
Attn: Executive Committee
1671 S US Highway 231
Crawfordsville IN 47933
Attn: Executive Committee
1671 S US Highway 231
Crawfordsville IN 47933
*Elevate grant recipients are required to submit impact reports that include, at a minimum, a written narrative describing progress and outcomes and expense reporting detailing uses of the Elevate grant award. Reporting forms will be provided. By completing an application, the small business permits use of their name and/or logo in any publicity released by HHSB.