Upper Peninsula State Bank, a member of the Federal Home Loan Bank of Indianapolis (FHLBI), recently assisted local small business owner Katelyn Beaver in applying for and receiving funds from the FHLBI’s Elevate Grant Program. This program is designed to support the growth and development of small businesses, their workforce, and the communities where they operate. To apply for the grant, business owners must partner with a member bank like Upper Peninsula State Bank.
Katelyn Beaver, the owner of Beavers Lures in Escanaba, received a $10,000 grant from the program. Beavers Lures is a unique business that specializes in hand-made fishing lures, with each lure being individually airbrushed and hand-assembled in small batches for quality assurance. Since its founding in 2020, Beavers Lures has expanded significantly and is now sold in various stores across Michigan as well as online.
With the grant funds, Beaver plans to make necessary updates to her shop and streamline her production process. She expressed gratitude for the support provided by Upper Peninsula State Bank through the Elevate Grant program and the opportunity to continue growing her business.
President and CEO of Upper Peninsula State Bank, David Williams, highlighted the bank’s commitment to leveraging opportunities like the FHLBI Elevate Grant Program to benefit local communities and strengthen relationships. The focus is on improving the Upper Peninsula area and supporting small businesses like Beavers Lures.