The Indiana Economic Development Corporation is working with the State of Indiana and the Indiana State Department of Health to closely monitor the 2019 novel coronavirus (COVID-19) pandemic and to continue supporting and providing resources for businesses
in partnership with local and regional organizations across the state.
SMALL BUSINESS RESOURCES
Indiana PPE Directory
The
Indiana PPE Directory features Indiana companies that manufacture and distribute a variety of PPE items available for purchase. All vendors featured in the directory
have been vetted by the Indiana Economic Development Corporation (IEDC) and are required to be headquartered or incorporated in Indiana, to provide free shipping to Indiana businesses, and to abide by additional requirements.
The Indiana PPE Directory is organized by item and connects customers to a list of vendors that provide those specific items. Customers place and pay for orders on the vendors’ website, and each vendor handles its own shipping, payment
processing and customer service. Click here to view the directory.
SBA Disaster Loans for Small Businesses
Indiana has secured federal disaster assistance from the U.S. Small Business Administration (SBA) to assist small businesses impacted by COVID-19. Moreover, small business owners are now eligible
to apply for a loan advance of up to $10,000. For more information, and to apply for loans from the U.S. Small Business Administration, click here. Contact 1-800-659-2955 or disastercustomerservice@sba.gov with additional questions.
Paycheck Protection Program
As part of the federal stimulus package, Indiana small businesses and nonprofits that maintain their payroll during the COVID-19 outbreak may apply for up to eight weeks of cash-flow assistance. If employers
maintain payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent and utilities would be forgiven. Applications for the program closed Aug. 8, 2020. For more information, click here.
Small Business Debt Relief
The Small Business Debt Relief Program, which was created to support small businesses severely impacted by the COVID-19 pandemic, will forgive six months of payments on existing SBA non-disaster loans.
For more information click here
Indiana Small Business Development Center
The Indiana SBDC, which has 10 regional offices throughout the state, offers no-cost business advising for entrepreneurs and small businesses. Advisors are available to provide free advising
and disaster relief loan application assistance for those impacted by the COVID-19 pandemic.
The Indiana SBDC received nearly $3.7 million from the U.S. Small Business Administration (SBA) through the CARES Act to support increased resources for Hoosier entrepreneurs and small businesses over the next 18 months. The funding will enable
Indiana SBDC to increase no-cost services, such as counseling and training, for businesses that were in operation prior to and that have been impacted by COVID-19. Services will be available through the Indiana SBDC’s 10 regional offices across
the state and are expected to focus on financial assistance, e-commerce, business adaptation and innovation, disaster resiliency and planning, and reopening plans.
For more information, visit ISBDC.org/Covid-Resources. To learn more about small business recovery updates and programs, sign up here to
receive a monthly email update from the Indiana SBDC.
New Contracting Opportunities with FEMA
To combat the COVID-19 outbreak, the Trump Administration provided emergency support to the Federal Emergency Management Agency (FEMA) in order to assist eligible states with their disaster
responses. If interested in supplying products or goods to aid in FEMA’s efforts, the Indiana PTAC offers free counseling and contracting assistance to Indiana small businesses. Click here for more information and visit indianaptac.com/locations to contact your nearest regional office.
Indy Chamber Offering Rapid Response Loans
The Indy Chamber created the Rapid Response Loan Fund through its Business Ownership Initiative (BOI) as an affordable option for loans ranging from $1,000 to $25,000. Loans can be used
to pay employee salaries, insurance premiums or as a bridge loan until additional funding kicks in from a business’ bank or from the U.S. Small Business Administration. Click here to
learn more.
Hometown Business Preservation Initiative
The Office of Community and Rural Affairs announced a new partnership with the Purdue Center for Regional Development, Ohio State University, United States Department of Agriculture – Rural Development and IEDC, to launch the Hometown Business Preservation Initiative. This instructional program will guide community leadership on how to establish a Revolving Loan Fund which can provide necessary loans to small businesses based on community needs.
As local, state or federal funds become available, they may be placed in the community revolving loan account to then lend to identified businesses. If you have any questions on the program, please contact Matt Crouch (mcrouch@ocra.in.gov) or Julie Rigrish (jrigrish@purdue.edu).
Indiana Small Business Restart Fund
Gov. Holcomb approved $30 million in federal funding made available through the CARES Act to small business restart grants, helping accelerate the speed of economic recovery activity by providing working capital to cover certain expenses
related to the global pandemic. As of Dec. 21, 2020, the Indiana Small Business Restart Grant has been extended through Jan. 22, 2021. If you have already applied, but still need to submit supporting documentation, please email insmallbizrestart@iedc.in.gov. More information on the program, including additional eligibility requirements, is available here.