Indiana's economy thrives on the success of its small businesses. Over the last year, many have faced challenges to remain open as a result of the pandemic. Local businesses are often the first to lend a helping hand, support our schools and invest in communities. To help Hoosier employers retain jobs and accelerate the economy, I am supporting legislation that would establish the Hoosier Hospitality Small Business Restart Fund.
This fund would provide grants for some of Indiana's hardest-hit companies to get back on their feet more quickly. This would be an extension of the Small Business Restart Program the governor launched last fall, and would allow eligible businesses to apply grant dollars toward general business expenses as well as payroll expenses.
The Indiana Economic Development Corporation would administer the $30 million grant program to ensure applicants are in good standing with the state, have less than 100 employees and can show at least 30 percent loss in revenue. In addition to state funding, the Hoosier Hospitality Small Business Restart Fund could also receive funding from federal grants, donations and other sources.
For small businesses struggling this year, additional resources are also available. The Indiana Small Business Development Center offers multiple services at isbc.org for Hoosier entrepreneurs, such as a COVID-19 resource guide, information on the federal Payment Protection Program, no-cost business advising and more. The COVID-19 small business resource guide lists numerous funding opportunities, Indiana SBDC programs and resiliency tips. The Paycheck Protection Program, which recently began accepting applications again, allows small businesses to apply for low-interest loans through March 31, which can help pay for mortgage interest, rent, utilities and more. Local businesses can also contact the Southwest Indiana Small Business Development Center at 812-425-7232 for support.
Hoosier entrepreneurs are working harder than ever to keep their doors open during these unprecedented times, and it is crucial we continue shopping local to help our small businesses. Warrick and Spencer County residents can find a directory of local businesses at warrickchamber.org/resources and spencercountychamber.org, respectively.
To learn more about House Bill 1004, visit iga.in.gov. If there is anything I can do to continue supporting you or our community, please email me at h75@iga.in.gov or call at 317-232-9769.
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State Rep. Cindy Ledbetter (R-Newburgh) represents House District 75,
which includes portions of Pike, Spencer and Warrick counties.
Click here to download a high-resolution photo.
