SOURCE: News release from Indiana Economic Development Corporation
INDIANAPOLIS – Applications for the Manufacturing Readiness Grant program, which Governor Eric J. Holcomb and the Indiana Economic Development Corporation (IEDC) first announced in May, are now open to Indiana manufacturers across the state.
The Manufacturing Readiness Grants, administered by the IEDC in partnership with Conexus Indiana, are part of the $10 million Economic Activity Stabilization and Enhancement (EASE) program designed to stimulate manufacturing investments that will position Hoosier operations, and the sector overall, for future growth and prosperity. Through the program, $4 million is now available to Indiana companies in the form of matching grants, encouraging operational investments for:
- Companies committing to modernizing their operations by integrating smart technologies and processes in order to improve capacity and efficiencies, and
- Companies investing in health care manufacturing technology to support critical COVID-19 response efforts.
Indiana startups, small businesses, entrepreneurs and manufacturers investing in these activities may apply for a matching grant up to or equal to the amount of the qualified investment in new equipment and machinery (minimum 1:1 investment match). Funding will be awarded up to $200,000 per company, but matching grants may exceed that threshold for significant projects that will support COVID-19 response efforts, such as the manufacturing of critical personal protective equipment (PPE), testing supplies or vaccines.
To be eligible, applicants must be registered to do business in Indiana with the Secretary of State’s Office and have plans to purchase smart manufacturing or health care manufacturing technology and equipment that will be located and utilized in Indiana. Applicants do not need to be headquartered in Indiana, but grants will be prioritized for companies that maintain their primary operations in Indiana. Applications will be evaluated based on the project’s overall expected impact on the company’s operations (i.e. percentage of resulting smart manufacturing operations); its workforce, training and wage increases; new Hoosier jobs; and the state’s manufacturing capabilities.
Indiana companies are encouraged to submit applications online.
Conexus Indiana, a nonprofit-branded initiative of the Central Indiana Corporate Partnership (CICP), will review and evaluate all grant applications, leveraging a statewide committee of industry and academic professionals. The committee will make grant recommendations to the IEDC for approval and expects to issue an initial round of recommendations in August. Interested companies are encouraged to apply as soon as possible due to high demand.
About Conexus Indiana
For more than a decade, Conexus Indiana, one of the Central Indiana Corporate Partnership (CICP) non-profit initiatives, has been positioning the Hoosier State as the best place for advanced manufacturing and logistics industries to invest, employ and succeed. By collaborating with industry, academic and public sector partners on a shared vision for an innovative, skilled workforce and stronger business climate, Conexus Indiana has helped to create opportunities for advanced manufacturing and logistics companies, prepare Hoosiers to succeed in the state’s largest industry sectors and maintain Indiana’s competitive advantage. For more information, go to www.conexusindiana.com.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.