Merchants Bank secures nearly $75,000 in grant funds for four small businesses

Merchants Bank celebrates securing nearly $75,000 total in grants supporting four Indianapolis-area businesses through the Federal Home Loan Bank of Indianapolis’ (FHLBI) Elevate Small Business Grant program (“Elevate”).

Elevate helps the growth and development of small businesses, their workforce and the communities they are located in. This year, Marquisha Bridgeman, Vice President of Community and Banking Partnerships, helped business owners outline projects and construct applications for submission for Centerpoint Brewing Company, Studio G Fitness, Day Won Fitness, LLC, and Crossroads Brewing Company, LLC. Merchants Bank was the only member bank to secure four grants this year.

“Working closely with local businesses is at the core of our mission of improving the financial well-being of the communities we serve,” Bridgeman said. “Entrepreneurs play a crucial role in creating and maintaining healthy and flourishing communities. The grants will benefit local businesses and expand economic opportunities throughout Indiana.”

Located in downtown Indianapolis, Day Won Fitness, LLC, is a dedicated fitness and wellness facility that provides group classes, personal training and various specialty programming. The studio, which was awarded more than $16,000 through Elevate, will use funds for equipment improvements and obtaining specialized training and certifications to expand their offerings.

“The equipment and certifications afforded to us by the Elevate Grant will allow us to continue to grow and meet the needs of our clients, especially those with more specific needs, such as aging individuals, pregnant and postpartum mothers, clients with disabilities, and those with or recovering from injuries,” said Jason Shaw, Co-Founder and Trainer. “We are very thankful for the support and guidance of Merchants Bank and the Federal Home Loan Bank of Indianapolis for supporting small businesses.”

Crossroads Brewing Company, also known as MashCraft Brewing, was awarded $20,000 to help streamline its production process and make operations more efficient. MashCraft opened in 2014 and will capitalize on the production improvements to increase draft beer sales through its three central Indiana locations and hospitality partners.

Studio G Fitness, which offers group classes, personal training, group training, weight-loss challenges and nutrition guidance, was awarded a $20,000 grant. The studio regularly participates in community fitness demonstrations, fundraisers for various health and wellness initiatives, workshops and family-friendly events. The funds from the grant will be directed toward marketing, advertising and promotional initiatives in addition to equipment upgrades to enhance the training and customer experience.

Centerpoint Brewing Company’s operations and main taproom are adjacent to several neighborhoods experiencing waves of revitalization. The company recently completed a second taproom, serving the Broad Ripple neighborhood and surrounding areas, and partnered with several large distributors to expand their reach. Receiving more than $18,500 through Elevate, Centerpoint can now take advantage of the bulk pricing of brewing essentials, which will drastically improve the profit margin on packaged products.

To learn more about Merchants Bank, visit MerchantsBankOfIndiana.com. For an overview of all the small businesses that received the Elevate grants this year, click here.