INDIANAPOLIS (July 3, 2024) – The Indiana Economic Development Corporation (IEDC) announced today it is making even more resources available to entrepreneurs and small businesses, bolstering the continued growth of the state’s innovation and entrepreneurial ecosystem. Hoosier entrepreneurs, small businesses and investment funds are encouraged to learn more about opportunities to apply for and secure funding to support their growth at the U.S. Small Business Administration’s (SBA) Seed Fund Road Tour, through the state’s new technical assistance program and the state’s expanded Venture Capital Investment (VCI) tax credit program.
“Indiana ranks among the top destinations to start a business, and we continue to bolster this ecosystem with even more funding opportunities and no-cost resources and programs,” said Secretary of Commerce David Rosenberg. “By providing comprehensive financing and services from business ideation to business starts and scaling, we’re ensuring Hoosier entrepreneurs and small businesses can start stronger, grow more quickly and enjoy long-term success here in Indiana.”
Details on the resources and funding opportunities available are outlined below:
- Learn about state and federal resources for innovators at America’s Seed Fund Road Tour
Indiana will host a stop on the U.S. SBA’s Seed Fund Road Tour on July 16. The event is part of a national outreach effort aimed at connecting innovators and entrepreneurs to non-dilutive technology funding opportunities.
Hoosier entrepreneurs and startups – both existing and aspiring – as well as representatives of Indiana’s broader innovation ecosystem, such as federal partners, researchers, university staff and students, are invited to attend. Participants will learn more about the many programs, resources and funding opportunities that Indiana offers and how to leverage them for growth and success.
Those interested should register online as soon as possible as space is limited.
- Get help applying for entrepreneurial capital available through Indiana programs
Indiana’s technical assistance program – made available by federal funding through the State Small Business Credit Initiative (SSBCI) – is now available to help entrepreneurs and small businesses access and apply for funding opportunities.
The SSBCI technical assistance program is specifically designed to serve socially and economically disadvantaged entrepreneurs and small businesses by offering no-cost support as they apply for capital and managed the capital they receive through various programs, including SSBCI loans through the Legend Fund. Through the program, entrepreneurs and small businesses can connect with technical assistance providers to receive training and assistance related to financial documents, accounting practices, SSBCI program applications, financial management and creating presentations for investors or loan applications.
Learn more and connect with a provider online.
- Incentivize investors to support innovators, growing businesses and investment funds
Indiana’s Venture Capital Investment (VCI) tax credit is designed to improve access to capital for startups and fast-growing companies by providing an additional incentive to investors to invest in these companies. Following legislation passed in 2021, venture capital funds that support Hoosier entrepreneurs and startups – in addition to the entrepreneurs and startups themselves – can also leverage the VCI tax credit program to help raise funds. Indiana recently approved its first investment fund – Paragraph in Bloomington – for the VCI program, meaning its investors can now earn tax credits on capital invested in the company’s fund, which is used to help bring new companies to life and turn ideas into high growth businesses. This expansion of VCI will help bring even more capital to Indiana’s entrepreneurial ecosystem, making sure innovators can start stronger and grow faster.
Learn more about Indiana’s transferable VCI tax credit online.
About IEDC
The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, and helping businesses launch, grow and locate in the state. Governed by a 14-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 iedc.in.gov.
