Today, Governor Eric J. Holcomb announced several new economic recovery initiatives designed to bolster critical relief efforts while encouraging long-term planning and investments to stimulate Indiana’s economy well into the future. Through these initiatives, the state 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.
INDIANAPOLIS (May 29, 2020) – Today, Governor Eric J. Holcomb announced several new economic recovery initiatives designed to bolster critical relief efforts while encouraging long-term planning and investments to stimulate Indiana’s economy well into the future. Through these initiatives, the state 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.
“To restart Indiana’s economic engine, it’s critical that we provide Hoosier businesses and entrepreneurs with the support they need to grow and get back on track,” Gov. Holcomb said. “These initiatives will ensure that two critical drivers of our state’s economy have access to resources and technological tools that allow them to continue competing and leading in the 21st century economy, while further positioning our state for long-term economic growth.”
To safely guide a return to economic activity, the state is committed to deploying federal relief funds under the CARES Act in coordination with Indiana’s Economic Relief and Recovery Team, while targeting initiatives aimed at achieving long-term economic stabilization.
Of these programs, the SAM Focus Fund will launch immediately while the Manufacturing Readiness Grant applications are expected to be available in July with initial grant recommendations beginning in August. The IEDC will partner with industry stakeholders to develop a project scope for the Smart Manufacturing Studio Lab, mapping out next steps and a plan to source and supply the equipment, working toward a studio launch in early 2021. More information on EASE, which is funded through the state’s 21st Century Research and Technology Fund, is available here.
Indiana’s manufacturing and small business sectors play critical roles in supporting the state’s economy. With more than 8,500 manufacturing facilities and the highest concentration of manufacturing jobs in the U.S., manufacturing accounts for 27.8% of Indiana’s total economic output. Additionally, according to the SBA, Indiana is home to approximately 104,335 small businesses that employ fewer than 150 associates, supporting 941,578 Hoosiers across the state.
Today’s announcement marks another step forward for the state in providing resources and tools to Hoosier businesses and entrepreneurs impacted by COVID-19. The state recently launched the Indiana Small Business PPE Marketplace, which serves as an online hub for small businesses and nonprofits employing up to 150 associates that are in need of PPE. Since its inception, Indiana has received 26,130 orders for PPE and has fulfilled 25,500 orders, shipping bundles of hand sanitizer, face masks and face shields to companies across the state. To learn more about other COVID-19 resources, visit iedc.in.gov/response.
About IEDC
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.