Small Business Grants in Indiana (IN)
Securing a small business grant in Indiana involves identifying the right opportunities, understanding the eligibility criteria, and preparing a compelling application. Here are some of the most relevant grant opportunities for small businesses in Indiana:
Indiana Small Business Grants
The state of Indiana offers various small business grants. The federal government does not publicly provide grants for starting and expanding a business in Indiana, but some small business grants are given to business owners to start and grow their ventures. These grants do not have to be paid back, making them a valuable source of funding.
State Small Business Credit Initiative (SSBCI)
The State of Indiana has been approved for up to $99 million in SSBCI funding from the Treasury. This funding is designed to serve historically underserved entrepreneurs, small businesses, and startups, encouraging greater economic equity across the state. Approximately $70 million of the state’s funding will be directed to accelerating Indiana’s venture capital investments. This allocation will be invested in Indiana-based companies through the Indiana Angel Network Fund.
Indiana Small Business Restart Grant Program
The Indiana Small Business Restart Grant Program was created to help struggling Indiana small businesses. The grant program began with an initial $34.5 million and received an additional $60 million in funding. Eligible expenses for reimbursement include payroll, insurance premiums, rent or mortgage payments, utilities, lease payments, and safety investments.
Rural Business Development Grants
The Rural Business Development Grants program provides grant money to assist with economic development planning and/or the financing or expansion of rural businesses. The program supports a wide range of business-related activities, including long-term business strategic planning, job creation at local businesses, and technology-based economic development.
Indiana’s State Small Business Credit Initiative (SSBCI)
Indiana’s SSBCI is on a mission to empower Hoosier entrepreneurs, startups, and small businesses. The SSBCI plans on allocating $99 million to help small businesses gain access to the funds they need to help their businesses grow. The Legend Fund supports Indiana small businesses by increasing access to business loans.
Indiana Small Business Restart Grant
The Indiana Small Business Restart Grant is funded at $31 million by federal dollars made available through the CARES Act. Of the state’s $30 million allocations, at least $5 million is reserved for certified minority- and women-owned businesses.
IN-STEP Program
The IN-STEP program, launched in 2020, helps Indiana small businesses develop and expand export-related activities, opening up new international markets for Hoosier-made goods.
Elevate Small Business Grant
The Elevate Small Business Grant program assists the growth and development of small businesses in Indiana. Eligible business owners can receive up to $20,000 to cover project expenses, such as technology enhancements, capital improvements, and workforce development.
Small Business Restart Grant
The Small Business Restart Grant program provides working capital to small businesses in Indiana to cover specific business expenses related to the global COVID-19 pandemic. Your organization must have less than 100 employees and annual revenue under $5 million to be eligible.
Application Considerations
Each of these grant opportunities has its own specific eligibility criteria and application process. It’s important to carefully review the requirements for each grant and prepare a thorough and compelling application that clearly demonstrates how your business meets the criteria and how the grant funding will be used to support your business. Join POTD Today!