IEDC: Millions Available for Hoosier Small Businesses
INDIANAPOLIS – As Indiana approaches the fifth and final stage of its Back on Track plan for reopening the state’s economy, state officials remain confident it can be accomplished safely and successfully. And Indiana Economic Development Corp. Chief of Staff Luke Bosso says tens of millions of dollars are available to Hoosier businesses to help make it happen. The funding includes a total of $35 million through CARES Act to Small Business Restart Grants, providing working capital to cover expenses related to the global COVID-19 pandemic.
“We knew that restaurants, retail, hospitality have really been hit hard, so we wanted to make sure that not only do we have a program that touches on every industry, but also one that specifically focuses on those small businesses so they have access to capital.”
Bosso talked about plans for reopening the economy and the state of economic development on this weekend’s edition of Inside INdiana Business with Gerry Dick.
The IEDC has also announced a $10 million program targeting the state’s manufacturing sector.
The Economic Activity Stabilization and Enhancement, or EASE, program includes three separate initiatives:
- Smart & Advanced Manufacturing Focus Fund – creates a $3 million fund to make early investments in companies developing or integrating smart technologies like 3D printing, data analytics and augmented or virtual reality.
- Manufacturing Readiness Grants – a $4 million fund to provide matching grants to modernize manufacturing operations to improve capacity and speed.
- Smart Manufacturing Studio Lab – provides companies space to train employees and test technologies for their businesses. That studio would launch in early 2021.
You can learn more about the various resources being offered by the state by clicking here.