Beavers Lures: How a Small Business in Escanaba is Thriving with Support from the Federal Home Loan Bank and Upper Peninsula State Bank

Beavers Lures, a unique business in Escanaba that specializes in hand-made fishing lures, recently received a $10,000 grant from the Federal Home Loan Bank of Indianapolis (FHLBI) through its Elevate Grant Program. The program is designed to support the growth and development of small businesses, their workforce, and the communities where they operate.

Katelyn Beaver, owner of Beavers Lures, expressed her gratitude for the support provided by Upper Peninsula State Bank through the grant program. She plans to use the funds to make necessary updates to her shop and streamline her production process. Since its founding in 2020, Beavers Lures has expanded significantly and is now sold in various stores across Michigan as well as online.

David Williams, president and CEO of Upper Peninsula State Bank, highlighted the bank’s commitment to leveraging opportunities like the FHLBI Elevate Grant Program to benefit local communities and strengthen relationships. He stated that the focus is on improving the Upper Peninsula area and supporting small businesses like Beavers Lures.