Indiana is set to receive up to $99.1 million in federal funding to expand access to and increase capital for entrepreneurs, startups and small businesses. The Indiana Economic Development Corp. announced Monday the state is one of the first 14 to be approved by the U.S. Department of Treasury for the State Small Business Credit Initiative.
The SSBCI, which was established in 2010, was reauthorized and funded through The American Rescue Plan Act in 2021. The IEDC says the funding is expected to leverage $10 in follow-on investment for each $1 of SSBCI.
“As a state, Indiana is strategically focused on creating the economy of the future and investing in the jobs of tomorrow and taking Indiana’s Top 40 Global Entrepreneurship Ecosystem to a Top 5 Ecosystem is an essential goal of that initiative,” said Indiana Secretary of Commerce Brad Chambers. “This SSBCI award will inject critical funding and resources into our ecosystem of current and future entrepreneurs, startups and small businesses who are solving global challenges, creating new technologies, and positively impacting Hoosier communities statewide.”