Small Business Grants in Indiana

This is a loan, not a grant. The IEDC puts up to $29 million through mission driven local lenders, who write loans between $5,000 and $1,000,000 for operating capital. At least 37 percent of the money is set aside for traditionally underserved owners, including minority owned and women owned firms. You pre-apply with a participating lender, not with the state.

You sell equity here. Indiana was approved for up to $99 million in federal SSBCI money to expand venture capital for early revenue companies. Elevate Ventures makes the investments at pre seed, seed and early stage. This is not a grant.

You spend first, then get about half back. SEF reimburses typically 50 percent of eligible training costs over two full calendar years from the start of a project. The IEDC weighs whether the training supports new capital investment in Indiana. It also looks at jobs kept or created. Training must lead to a post secondary or nationally recognized credential, or be specialized company training, and existing staff have to get a pay rise. One catch worth reading before you sign. The IEDC's own reporting page says the contract runs about seven years, and you report every calendar year of it.

This is a tax credit. It is refundable, and it goes to businesses creating new jobs and investing capital in Indiana. The IEDC calculates it as a share of the extra payroll withholdings your new jobs generate, up to 100 percent. Certification is phased in annually for as long as 20 years.

Sell abroad and this pays. IN-STEP refunds 80 percent of approved export costs, capped at $15,000 per calendar year. Eligible spend covers trade shows at home and abroad, trade missions, translation and website localization, marketing design, export training and product compliance testing. There are four gates to clear. You register as a State of Indiana vendor, you have traded a year, you are new to exporting or entering a new market, and you are an Indiana SBDC client. Your goods must be made in the US, or carry at least 51 percent US material. Every applicant is background checked by the state.