STATEHOUSE (June 24, 2020) – As Indiana continues to get back on track, the state is dedicating nearly $44 million in federal funds to help small businesses and manufacturers, according to State Reps. Matt Hostettler (R-Patoka) and Wendy McNamara (R-Evansville).
"Small businesses across Indiana took a major economic hit," Hostettler said. "Even though some companies were able to stay open, this funding will help keep others afloat as they serve Hoosiers again."
Through the federal CARES Act, $30 million has been dedicated to the Small Business Restart Fund. Hoosier small businesses with fewer than 50 employees and $5 million in annual revenue that experienced at least a 40% drop in revenue can apply for grants to cover expenses related to the public health crisis. Hostettler said these expenses may include rent or mortgage payments, lease payments for real or personal property, utilities and safety investments like personal protective equipment and infrastructure improvements to keep employees and customers safe. According to Hostettler, at least $5 million will be reserved for certified minority- and women-owned businesses. The deadline to apply for a grant is Sept. 30. For more information on this program, including additional eligibility requirements, visit backontrack.in.gov.
The Indiana Small Business Development Center will utilize nearly $3.7 million over the next 18 months to offer increased resources for Hoosier entrepreneurs and small businesses. State Rep. Wendy McNamara (R-Evansville) said this funding will help provide no-cost services like counseling and training for local businesses impacted by COVID-19. Visit isbdc.org/indianacovid19smallbusiness for more information.
"The goal is for businesses to fully reopen, and this funding can be used for a number of expenses to make that possible," McNamara said. "Helping our local employers is critical to boosting the local economy and Indiana's recovery."
The Indiana Economic Development Corp. approved $10 million to launch the Economic Activity Stabilization and Enhancement program, which McNamara said will support technology and operational advancements in the manufacturing industry. Through this program, local manufacturers will be able to apply for support through the Smart & Advanced Manufacturing Focus Fund to invest in new developments. Manufacturing Readiness Grants will be available in July to companies committed to modernizing their operations or those investing in health care manufacturing technology. Additionally, a Smart Manufacturing Studio is being developed to provide lab space and access to state-of-the-art equipment to businesses so they can train employees, validate technologies and conduct third-party pilot manufacturing. More information can be found by visiting iedc.in.gov and searching "Economic Activity Stabilization and Enhancement."
McNamara said these resources are in addition to the Indiana Small Business PPE Marketplace, which currently provides masks, hand sanitizer and face shields to Hoosier small businesses at no cost. Visit backontrack.in.gov/ppemarketplace.htm for details.
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State Rep. Matt Hostettler (R-Patoka) represents House District 64,
which includes Gibson County and portions of Knox, Pike, Vanderburgh and Posey counties.
Click here to download a high-resolution photo.
State Rep. Wendy McNamara (R-Evansville) represents House District 76,
which includes portions of Posey and Vanderburgh counties.
Click here to download a high-resolution photo.
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