Contrast Coffee wins grant
INDIANAPOLIS – FHLBank Indianapolis recently awarded Elevate Small Business grants to 11 Indiana and Michigan small businesses, including Contrast Coffee, based in Iron River.
Contrast Coffee paired with First National Bank & Trust in Iron Mountain to submit a business case for a $25,000 grant to help build the company’s newest location in Hancock, which will employ two full- and four part-time employees.
“We’re excited to be able to support small businesses like Contrast Coffee – we know they are an important fixture in the community they serve,” Cindy Konich, FHLBank Indianapolis president and CEO, said in a press release.
This is the inaugural year for the Elevate program, which saw more than 92 small businesses partner with local financial institutions to compete for grants of up to $25,000 each to use towards capital expenditures, workforce training, and other business needs.
In total, FHLBank Indianapolis awarded $255,595 in 2018 Elevate grants to area small businesses looking to take their businesses in low-income areas to the next level.
“FHLBank Indianapolis already has a nearly 30-year history of committing about 10 percent of annual earnings to fund affordable housing grants throughout Indiana and Michigan,” said MaryBeth Wott, community investment officer at FHLBank Indianapolis.
“Last year, financial institutions throughout the two states gave us feedback that small business grants would meet an important need in their communities, so we quickly implemented the Elevate program.”