INDIANAPOLIS — The state of Indiana announced it will allocate nearly $44 million to provide support and resources including approximately $37 million in direct funding through grants and investments to small businesses and manufacturers — two key drivers of the Hoosier economy.
Gov. Holcomb approved $30 million in federal funding made available through the CARES Act to small business restart grants, helping accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic. Indiana small businesses with fewer than 50 employees and $5 million in annual revenue that have experienced a 40% drop in revenue will be eligible to be reimbursed for up to 80% of qualified expenses, such as rent or mortgage payments, utilities, lease payments for real or personal property, and safety investments, such as personal protective equipment (PPE) and infrastructure improvements.
Eligible small businesses that demonstrate a revenue loss of at least 40% will be awarded up to $2,500 for each month while small businesses that demonstrate a revenue loss of at least 80% will be awarded up to $5,000 for each month, with grants issued up to $10,000 per company. Of the $30 million allocated to the fund, at least $5 million will be reserved for certified minority- and women-owned businesses.
The Indiana Small Business Development Center (Indiana SBDC) received nearly $3.7 million from the U.S. Small Business Administration (SBA) through the CARES Act to support increased resources for Hoosier entrepreneurs and small businesses over the next 18 months.
The Indiana Economic Development Corporation (IEDC) board of directors approved $10 million to launch the Economic Activity Stabilization and Enhancement (EASE) program aimed at supporting technology and operational advancements in the manufacturing industry, which has long been a key driver of the state’s economy. The three EASE initiatives include the new Smart & Advanced Manufacturing (SAM) Focus Fund, Manufacturing Readiness Grants, and a planned Smart Manufacturing Studio Lab, which will provide lab space and access to state-of-the-art smart manufacturing equipment.