Upper Peninsula State Bank helps local business get FHLBI grant funding

Courtesy photo Upper Peninsula State Bank Senior Vice President Eric Lundin with Katelyn Beaver, owner of Beavers Lures.

ESCANABA — Upper Peninsula State Bank, a member of the Federal Home Loan Bank of Indianapolis (FHLBI), recently promoted the FHLBI’s Elevate Grant Program to local small business owner Katelyn Beaver. The bank assisted in the process of helping her apply for and get awarded the funds. Elevate is a small business grant program that assists the growth and development of small businesses, their workforce, and the communities where they are located. To apply, business owners must partner with a member bank such as Upper Peninsula State Bank.

Beaver received a $10,000 grant to be used for her business Beavers Lures in Escanaba, a unique, hand-made fishing lure business where each lure is individually airbrushed and hand-assembled in small batches to assure the highest quality. Founded in 2020, Beavers Lures has grown significantly and is now sold in 54 Meijer stores across Michigan as well as L&M Fleet, Jay’s Sporting Goods, local lure shops, and online at www.beaverslures.com. Beaver plans to use the grant funds to make necessary updates to her current shop and to streamline her production process.

“I was thrilled to partner with Upper Peninsula State Bank as an FHLBI member who could help make this possible for me,” Beaver said. “With their support through the Elevate Grant program, I can continue to further my goal of securing contracts with bigger retailers and sharing our lures with even more avid fishermen.”

President and CEO of Upper Peninsula State Bank, David Williams, commented on the FHLBI Elevate Grant Program. “As a member of the FHLBI, we are very pleased to leverage these opportunities to improve our communities and strengthen relationships. It’s good for the Upper Peninsula, and that’s our focus.”


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