Indiana Extends Small Business Restart Grant Program, Expands Eligibility Criteria

Indiana Extends Small Business Restart Grant Program, Expands Eligibility Criteria
September 23, 2020
Noblesville Economic Development

INDIANAPOLIS (Sept. 23, 2020) – Governor Eric J. Holcomb today announced changes to the Indiana Small Business Restart Grant to increase the availability of funding for Hoosier small businesses impacted by the global pandemic. The grant program, which provides working capital to accelerate economic recovery, is now:

  • Extended through Nov. 1, 2020, for eligible small businesses in Marion County;
  • Extended through Dec. 1, 2020, for eligible small businesses outside of Marion County; and
  • Available to small businesses that have received COVID-19 relief funding through federal programs, including the Paycheck Protection Program, Economic Injury Disaster Loans, and Community Development Block Grants.

Since launching on June 3, the state has issued $1.01 million in grants to 246 small businesses across 83 counties. Of this grant funding, more than $178,200 (17.5%) has been awarded to 46 certified minority-owned businesses and 58 certified women-owned businesses.

With today’s changes, the state aims to increase the number of small businesses utilizing the program and to increase the award amount that eligible businesses may be qualified to receive. By extending the program, approved small businesses that have not received the maximum award of $10,000 may now seek reimbursement for qualified business expenses, such as rent/mortgage payments, utilities, lease payments for real or personal property, and safety investments, incurred in additional months – October and November 2020.

The Indiana Small Business Restart Grant is funded at $31 million by federal dollars made available through the CARES Act – $30 million approved by the state and an additional $1 million allocated by the city of Indianapolis for small businesses located in Marion County. Of the state’s $30 million allocations, at least $5 million is reserved for certified minority- and women-owned businesses.

Eligibility requirements include:

  • Businesses must be registered to operate in Indiana
  • Businesses must have had less than 50 employees as of Dec. 31, 2019
  • Businesses must have had less than $5 million in revenue in 2019
  • Businesses must have been profitable in 2019
  • Businesses must demonstrate a monthly revenue loss of at least 40% compared to pre-COVID-19 revenues

Indiana small businesses that meet the eligibility criteria are encouraged to review program details and apply online at backontrack.in.gov. For more information on support, resources, and funding available to Hoosier entrepreneurs and small businesses, visit StayINBiz.org.

About IEDC

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.  

Media Contacts: 

Erin Sweitzer (IEDC) – 317.296.2556 or esweitzer@iedc.in.gov

Don’t Miss Out!

Sign up for our newsletter and be among the first to hear about the latest available properties in Noblesville.

Q
Noblesville Logomark

Subscribe to Enews Alerts

* indicates required
Subscriber Interests

News Topics

PulteGroup to Bring First Mixed-Use, Multi-Generational Development to Wayne Township 

PulteGroup to Bring First Mixed-Use, Multi-Generational Development to Wayne Township 

NOBLESVILLE, IN (August 15, 2023) – The Noblesville City Council approved an economic development agreement with PulteGroup of Indiana and TWG Development to develop approximately 603 acres in previously annexed east Noblesville into a mixed-use development. The project, which is bound by 156th Street, 166th Street, Boden Road and Olio Road, is estimated to have a market value of over $700 million when completed.

Choose Noblesville

Noblesville is a city where COMMERCE, CULTURE, and COMMUNITY are alive with a vibrancy that intersects at the Heart of It All.

Quality Control

Quality of Life

Noblesville offers a quality of life abundant with local and regional amenities.

Quality Life in Noblesville →

Nature

Recreation

We have multiple bodies of water and trails for the outdoor nature lover.

Recreation in Noblesville

Culture

Culture

With a rich history as one of the oldest and most established cities in Hamilton County, we have an idyllic and unique community. 

Culture in Noblesville →

Healthcare

Healthcare

The City of Noblesville and the State of Indiana are home to several world-renowned healthcare systems.

Healthcare in Noblesville →

Nationally Recognized

Noblesville Schools

Top Talent

Workforce

Crossroads of America

Location

Relocating to Noblesville?

Business Climate

As the 10th largest city in Indiana, Noblesville serves as a regional business, manufacturing, and innovation hub.

Cost Of Business

Cost of Doing Business

Business-focused efforts have helped our community and state grow strong.

Learn About Noblesville Tax Climate →

Tax

District Tax Rates

View our detailed listing of tax rates for the City of Noblesville.

View Our Interactive Map

Incentives

Incentives

Indiana incentives and grants for companies that choose to locate or grow here.

Incentives in Noblesville →

Utility Rates

Utilities & Rates

Noblesville utility costs are surprisingly low compared to the rest of the nation.

Noblesville Utility Rates →

Emerging Industries

Life Science Innovation, Health Technology, and Advanced Manufacturing are just a few of our seven market sectors successfully growing and expanding in our community.

Learn About Noblesville Industries →

Site Selection Aero Blue

Site Selection

Property Search →

What We Do

We are dedicated to serving and growing Noblesville businesses by building long-term partnerships.

Business Retention

Business Retention & Expansion

Noblesville has several initiatives to help grow your business.

Noblesville Business Retention Initiatives →

Employers

Employers

Outstanding employment opportunities draw highly-skilled individuals to our area.

Get to Know Local Employers →

Featured Developments

Noblesville has a diverse collection of new and soon-to-be-developed mixed-use properties for prospective businesses. See an overview of some of our key development projects:

Development Projects in Noblesville →

Discover:

Discover Aero Blue

Washington Business Park

Discover WBP Today →

Discover Aero Blue

East Bank Apartments

Discover EBA Today →