Connect With Us

Inside INdiana Business
Subscribe Now Log In
  • Home
  • News
    • Education
    • Health
    • Tech
    • STEM
    • Advanced Manufacturing & Logistics
    • Life Sciences
    • Ag INnovation
    • INPower
  • Videos
  • Big Wigs
    • Submit Big Wigs
  • Events
    • Engage Southwest Indiana – Evansville
    • Engage Northwest Indiana – Valparaiso
    • Engage Greater Lafayette – West Lafayette
    • Engage West Central Indiana – Terre Haute
    • Engage South Bend – Elkhart
    • Engage Northeast Indiana – Fort Wayne
    • Engage Central Indiana – Indianapolis
  • Newsletters
  • Podcasts
  • On-Air
    • TV & Radio Listings
  • Contact
    • About IIB
    • Meet the Team
    • Contact Us
    • Advertise
    • Gift Cards
    • Flagship Stations
    • Gerry’s Message
    • Speaking Engagement Request

Connect With Us

Indiana lands millions to invest in startups, small businesses

Monday, July 18, 2022 04:20 PM EDT Updated: Monday, July 18, 2022 05:00 PM EDT
By Mary Roberts, Writer/Reporter
(stock image courtesy: mentatdgt/Pexels)

Indiana is set to receive up to $99.1 million in federal funding to expand access to and increase capital for entrepreneurs, startups and small businesses. The Indiana Economic Development Corp. announced Monday the state is one of the first 14 to be approved by the U.S. Department of Treasury for the State Small Business Credit Initiative.

The SSBCI, which was established in 2010, was reauthorized and funded through The American Rescue Plan Act in 2021. The IEDC says the funding is expected to leverage $10 in follow-on investment for each $1 of SSBCI.

“As a state, Indiana is strategically focused on creating the economy of the future and investing in the jobs of tomorrow and taking Indiana’s Top 40 Global Entrepreneurship Ecosystem to a Top 5 Ecosystem is an essential goal of that initiative,” said Indiana Secretary of Commerce Brad Chambers. “This SSBCI award will inject critical funding and resources into our ecosystem of current and future entrepreneurs, startups and small businesses who are solving global challenges, creating new technologies, and positively impacting Hoosier communities statewide.”

The IEDC says Indiana will receive a minimum of $86 million and will be eligible for an additional $13 million over 10 years.

The state plans to use the funding to expand venture capital investments and create a new program to invest in small business loan funds. A minimum of 37% of the funding will be allocated to traditionally underserved small businesses and entrepreneurs.

The IEDC says about $70 million will be used to accelerate the state’s “innovative startup ecosystem through direct investments in early-revenue companies.” The allocation is expected to expand Indiana’s ability to support pre-seed and seed funding rounds through Indianapolis-based Elevate Ventures.

The allocation will be invested in Indiana-based companies through the Indiana Angel Network Fund. The IEDC says the investments will be available to companies pursuing seed stage financing.

The IEDC says it will use $28 million to create a new small business loan fund investment program, which will provide more capital for historically underserved entrepreneurs and small businesses. The remaining SSBCI funds will be used to support administrative costs.

Story Continues Below

Most Popular Stories

Perspectives

Navigating Indiana’s policy landscape: A personal perspective on Dentons LegCon

Navigating Indiana’s policy landscape: A personal perspective on Dentons LegCon

In the hustle and bustle of our professional lives, we often find ourselves engrossed in the intricacies of our trades. However, amidst our daily routines, there exists a unique opportunity to broaden our horizons and delve into the critical issues facing the state of Indiana. ...

Inside INdiana Business

Inside INdiana Business
A division of IBJ Media

1 Monument Circle, Suite 300
Indianapolis, IN 46204

PHONE: (317) 634-6200

FAX: (317) 263-5060

NEWSLETTER@IIBNEWS.COM

  • Home
  • News
  • Videos
  • Gerry Dick
  • Newsletters
  • On-Air
  • Contact

Copyright © 2023 All Rights Reserved Privacy Policy | Terms of Service