The COVID-19 pandemic may have resulted in substantial revenue losses for your successful business in 2023. This program benefits small businesses, families, and local communities. We aim to encourage the development of small businesses, communities, and families in Indiana through information and resources.
There are $13.35 billion in grants in Indiana and $10.19 billion dollars in additional funding opportunities from the local government. Due to this, Indiana’s economic growth is primarily driven by small businesses and large corporations receiving government grants. More than 61,000 farms are located in Indiana, which has 111,972 businesses.
In addition to hiring more employees and offering competitive wages, repairing or purchasing equipment, investing in marketing campaigns, or even bridging cash flow gaps when customers or clients default, small business loans are extremely valuable.
Over 88.39 billion dollars are paid by the state of Indiana in salaries and payroll alone. Every year, more than 49,319 bankruptcy filings are recorded in the state. Federal business grants cannot be used for the start-up or expansion of a business. Businesses that wish to start or expand their businesses do not have to repay Indiana grants. It may be a good idea to apply for a small business grant if you are looking for funding for your company.
What Is A Grant?
Public agencies often award grants for the development of new products, services, or projects. Small businesses benefit from grant programs because they don’t have to pay back the money. Even though it takes time and effort to secure and administer grants, they can provide low-cost growth. You must undergo a complex and lengthy application process in order to apply for a grant. Your small business must demonstrate financial capability and meet the lending body’s requirements in order to be considered for small business grants. Foundations, local governments, and charities offer a variety of grant programs.
Indiana Small Grants
Indiana residents can apply for grants for a variety of purposes. This list of small business grants for 20223 may be of interest to small business owners.
Elevate Small Business Grant
The FHLBank Indianapolis Elevate grant is designed to help small businesses thrive because they are the foundation of communities. Their belief is that strong small businesses create more economic opportunities for everyone. Elevate grants enable their members to train new employees or expand the workforce of their small business customers.
With Elevate, small businesses, their workforces, and communities can grow and develop. The grant gives recipients the opportunity to spend up to $20,000 on capital expenditures, workforce training, or other necessities. For working capital expenses, a maximum of $5,000 can be allocated.
Indy Chamber of Commerce Grants
Small-dollar micro-loans (as little as $1,000) are available through the Indianapolis Chamber of Commerce at very low-interest rates. Many women, minorities, and immigrant businesses don’t have access to traditional funding sources. Additionally, they offer loans to start-ups and have no minimum credit score requirement.
LISC Small Business Relief Grants
Small businesses can benefit from the services provided by LISC. Financial aid is also available through the same organization for small businesses seeking funding. The official website of the Indiana Small Business Development Center has information regarding the relief grant for small businesses.
Over 12,000 small enterprises in America have received grants totaling $215 million from the organization. Small businesses from all over the country are included on the list since the organization works nationally.
By providing financial support to collapsing small businesses, the organization aims to prevent them from going under. By providing financial support, they give small businesses a much-needed boost. Consequently, many small businesses will be able to survive and regain their footing.
Rapid Response Loans
During the Covid-19 pandemic, Rapid Response Loans provide financial assistance to small businesses in need. Providing loans from $10,000 to $25,000, the platform helps small businesses. To get emergency financial assistance of up to $25,000, Indiana’s small businesses experiencing a downturn can apply for Rapid Response Loans.
Loan opportunities are determined by the size of the business and its overall turnover. Application letters must be accompanied by gross income receipts. There is a portal that provides information regarding Rapid Response Loans.
SBIR and STTR Grants
An SBIR or STTR grant worth up to $250,000 can be applied for by small businesses engaged in research and development with the federal government. To qualify for SBIR and STTR grants, businesses should have commercially viable technology and meet government requirements. In the event your business performs well, SBIR and STTR grants can help you earn more money.
SBIR and STTR funding are only available to US-based companies with fewer than 500 employees.
Fundera Zach Grant
Small businesses are awarded $2,500 Fundera Zach Grants each year. All you have to do is upload a three-minute video explaining why you started your business. It will not be necessary to fill out copious documentation. A video of high quality, creativity, and originality will increase your chances of winning. To apply for the Fundera Zach Grant, you must upload your video to your YouTube channel, email Fundera, and share it on social networks.
Amber Grants for Women
If you are a woman running a business in Indiana, you should look into the Amber Grant. Amber Grants provide $10,000 to women-owned businesses every month. If you’re selected to receive a monthly grant, you’ll automatically qualify for another $25,000 at the end of the year, so you could win up to $35,000 in grant funding. Amber Grants are free for businesses across the country, and there is no application fee.
GrantWatch
Indiana GrantWatch offers a wide variety of grants to small businesses. There is not only funding for small businesses on this site, but grants from state, federal, and local agencies are also available. You can find new grants on Indiana GrantWatch, as well as find a grant writer who can assist you in crafting outstanding grant proposals.
A grant application requires little more than answering a few questions about your company and why you need funding.
The Indiana Grant Directory contains 28,420 grant opportunities. Subscribers can access the information with a paid subscription. There is an $18 weekly charge for monthly subscribers and a $199 annual charge for annual subscribers. You will receive brief details about grants as a free member, but you can’t apply.
The Bottom Line
There are numerous resources available for Indiana’s small businesses. Since small businesses are worst affected due to the coronavirus pandemic, government and private organizations are providing financial support to such enterprises.
Financial aid helps small enterprises stand back and gives the economy the much-needed boost. Explore the available resources from the above list and find out the suitable source to fund your business now!
Are you interested in learning more about different grants and programs that can help you with your living situation? Check out the rest of Gov Relations’ blog section today!
