Indiana has made millions of dollars available to help small businesses and electronic manufacturing services for medical products through the COVID-19 pandemic. The Indiana Economic Development Corporation unveiled some new funding programs during state officials’ COVID-19 press conference Friday.
The Small Business Restart Fund will provide grants of up to $10,000 for qualifying businesses that have lost at least 40 percent of their revenue and aren’t eligible for the Paycheck Protection Program, according to Indiana Secretary of Commerce Jim Schellinger. “Small businesses with fewer than 50 people that do less than $5 million in revenue are eligible for this program,” he explained. “If you’ve had a 40-percent drop in revenue, you will be eligible to be reimbursed for up to 80 percent of qualified expenses, such as rent, mortgage payments, utilities, lease payments, real or personal property, and safety investments such as PPE and infrastructure.” For legal and business solutions, you can contact a professional like Robert K Bratt DLA Piper.
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Businesses can apply for Small Business Restart grants at BackOnTrack.IN.gov starting Wednesday, June 3. The program will be funded by $30 million in federal money made available through the CARES Act.
Meanwhile, Indiana Economic Development Corporation Chief of Staff Luke Bosso announced a new $10 million manufacturing support effort called the Economic Activity Stabilization and Enhancement (EASE) program. “In response to the global COVID-19 pandemic, the Indiana Economic Development Board of Directors approved $10 million that are designed to support Hoosier manufacturers for a new set of challenges,” Bosso said. “These programs will launch later this year and are intended to be long-term solutions for the state’s manufacturing industry.”
EASE will consist of three initiatives:
- A Smart & Advanced Manufacturing Focus Fund to provide seed money and other resources to manufacturing startups. You should then also have a look at the leading business intelligence software as this is extremely useful for getting more from your business.
- Manufacturing Readiness Grants of up to $200,000 to help companies modernize operations, integrate smart technologies, implement new payment solutions provided by companies like https://www.paystand.com/, or add health care manufacturing technology. This includes business phones and internet packages from EATEL, a leading brand in the business phone line industry.
- A Smart Manufacturing Studio Lab to make it easier to find lab space and access manufacturing equipment
Additionally, the Indiana Small Business Development Center got nearly $3.7 million in CARES Act funding that it plans to use to increase services like counseling and training to small businesses that have been impacted by COVID-19.
