IN: Gov. Holcomb Announces Nearly $44 Million to Aid Economic Recovery
1 Jun, 2020
- Small Business Restart Fund: 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.
- Small Business Relief & Planning Resources: 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 funding, which will nearly double the organization’s annual federal appropriations, will enable Indiana SBDC to increase no-cost services, such as counseling and training, for businesses that were in operation prior to and that have been impacted by COVID-19. Services will be available through the Indiana SBDC’s 10 regional offices across the state and are expected to focus on financial assistance, e-commerce, business adaptation and innovation, disaster resiliency and planning, and reopening plans.
- Manufacturing Support & Long-Term Growth: 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. EASE, which encompasses three complimentary initiatives, is designed to stimulate manufacturing investments that will position Hoosier operations, and the sector overall, for future growth and prosperity by prioritizing startup investment and resources, technology modernization and development, and training assistance.
- The new Smart & Advanced Manufacturing (SAM) Focus Fund, which will make seed and early-stage investments and provide entrepreneurship resources to Indiana manufacturing-focused startups through Elevate Ventures, the state’s venture development partner;
- Manufacturing Readiness Grants, administered in partnership with Conexus Indiana, will provide matching grants of up to $200,000 to companies committing to modernizing their operations or integrating smart technologies and processes in order to improve capacity, or to companies investing in health care manufacturing technology, providing financial assistance to manufacturers supporting critical COVID-19 response efforts; and
- A planned Smart Manufacturing Studio Lab, which will provide lab space and access to state-of-the-art smart manufacturing equipment, enabling businesses to train employees, validate technologies for their business models, and conduct third-party pilot manufacturing.