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Upper Peninsula State Bank helps local businesses obtain FHLBI grants | News, sports, jobs


Courtesy photo Eric Lundin, Senior Vice President of Upper Peninsula State Bank, 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 helped her apply for and obtain the money. Elevate is a small business grant program that supports the growth and development of small businesses, their workforces and the communities in which they are located. To apply, business owners must work with an affiliated bank, such as Upper Peninsula State Bank.

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

“I was thrilled to partner with Upper Peninsula State Bank as an FHLBI member to help make this possible for me,” said Beaver. “With their support through the Elevate Grant program, I can continue to achieve my goal of winning contracts with larger retailers and sharing our lures with even more enthusiastic anglers.”

Upper Peninsula State Bank President and CEO David Williams commented on the FHLBI Elevate Grant Program. “As a member of the FHLBI, we are thrilled to take advantage of 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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