Several new economic recovery efforts are now underway offering aid to Hoosier businesses and entrepreneurs impacted by COVID-19, while boosting the economy.
Indiana’s Small Business Restart Fund works to accelerate economic recovery by providing funding to cover COVID-19-related expenses. Hoosier businesses with less than 50 employees and $5 million in revenue in 2019 that have also experienced a 40% drop in revenue will be eligible to be reimbursed for up to 80% of qualified expenses. This could cover rent, utilities, or safety investments such as personal protective equipment and infrastructure improvements to help reduce the spread of the disease. Applications are now being accepted at backontrack.in.gov.
Additional resources are also available through the Indiana Small Business Development Center for Hoosier entrepreneurs and small businesses. Through federal funding, the Indiana SBDC is able to increase no-cost services, such as counseling and training, for businesses that were operating prior to and that have been impacted by COVID-19. Services will be available through the Indiana SBDC’s 10 regional offices across the state, and will include financial assistance, e-commerce, business adaptation and innovation, disaster resiliency and planning, and reopening plans.
The Economic Activity Stabilization and Enhancement program supports technology and operational advancements in the manufacturing industry. The program includes three initiatives, the Smart and Advanced Manufacturing Focus Fund, the Manufacturing Readiness Grants and the Smart Manufacturing Studio Lab. Launched by the Indiana Economic Development Corp., the program encourages manufacturing investments to position Hoosier operations for future growth by prioritizing startup investment and resources, technology modernization and development, and training assistance.
These programs are additional tools for Indiana’s businesses and entrepreneurs as many work to reopen, get back on track and limit the impact of COVID-19. Click here to learn more.