Fort Wayne Business Weekly: “Indiana secures up to $99M to accelerate startup growth…reauthorized and funded through The American Rescue Plan Act in 2021”
INDIANAPOLIS – The Indiana Democratic Party, the organization that advocates for the future of Indiana and its families, today celebrated the brighter future the American Rescue Plan is STILL creating for Indiana’s economy. About $99 million will be sent to the state to help entrepreneurs, startups, and small businesses take innovation and economic development to the #NextLevel. This funding – provided by the American Rescue Plan – will help the state’s economy grow and repair the F-rated quality of life and D- rated workforce created by the Indiana GOP. Indiana Democrats like André Carson and Frank Mrvan delivered these investments to Hoosiers in Delaware County when it mattered most.
In contrast, the Indiana Republican Party – including U.S. Senator Todd Young – said “NO” to this brighter future. Both Young and Indiana GOP Chairman Kyle Hupfer called this project “socialism” – claiming the Republicans’ opposition was a “great campaign to run on”. The Indiana GOP’s opposition to the kitchen-table issues is another reminder they have no plan for Indiana’s future – just abiding by an extremist agenda.
Here’s a look at how the American Rescue Plan continues to deliver for Indiana’s economy:
Fort Wayne Business Weekly: Indiana secures up to $99M to accelerate startup growth
The Indiana Economic Development Corporation (IEDC) announced July 18 that the state of Indiana will receive up to $99.1 million in federal funding through the State Small Business Credit Initiative (SSBCI) to expand access to and increase capital for Hoosier entrepreneurs, startups and small businesses. […]
Indiana is one of the first 14 states and territories to be approved by the U.S. Department of Treasury for this iteration of SSBCI, a program established in 2010 and reauthorized and funded through The American Rescue Plan Act in 2021. This funding, which must be disbursed alongside private dollars, is expected to leverage $10 in follow-on investment for each $1 of SSBCI, providing entrepreneurs and small business owners the resources they need to grow and resulting in at least $990 million invested in Indiana’s innovation and entrepreneurial ecosystem by the end of the SSBCI program.
Indiana will receive a minimum of $86 million and will be eligible to receive another $13 million — for a total of $99 million over 10 years — when the state meets expected targets for the initial allocation. Indiana will leverage SSBCI to expand venture capital investments and create a new program to invest in small business loan funds throughout the state. At least 37% of this funding will be allocated to traditionally underserved small businesses and entrepreneurs, encouraging greater equity in access to capital for Hoosier businesses.
Approximately $70 million of the state’s funding will be directed to accelerating Indiana’s innovative startup ecosystem through direct investments in early-revenue companies.
The IEDC will leverage $28 million of SSBCI funding to create a new small business loan fund investment program to provide more capital for entrepreneurs and small businesses, particularly for those that have been historically underserved. Through the program, loan funds that provide debt capital for qualified purposes to Indiana-based small businesses will be eligible to have a portion of those loans purchased by the IEDC, enabling the loan funds to then support more entrepreneurs and small businesses.
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