Statewide —Gov. Holcomb approved $500,000 in federal funding made available through the CARES Act to support minority-owned businesses and entrepreneurs and communities negatively affected by COVID-19. The funding will enable IBE, a statewide nonprofit organization committed to the social and economic advancement of Indiana communities, to launch a targeted, statewide promotional campaign and develop community outreach programs to raise awareness of available resources and funding, enhancing participation in critical economic and workforce recovery programs.
Through this new partnership, IBE will also provide direct technical support to employers by connecting minority-owned businesses and minority Hoosiers with critical COVID-19 resources; developing educational initiatives, including a webinar series for minority business owners; and increasing collaborative partnerships with existing state resources, such as the Indiana Small Business Development Center (Indiana SBDC) and Next Level Jobs, to offer training and counseling services.
Since its official launch on June 3, the state has received initial applications from nearly 460 small businesses representing 69 counties for small business restart grants. The program, which committed at least $5 million of the $30 million allocated to the fund toward minority- and women-owned businesses, has received applications from 13 certified minority-owned businesses and 26 certified women-owned businesses. Eligible small businesses can seek reimbursement for up to 80% of qualified expenses, such as rent/mortgage payments, utilities, lease payments for real or personal property, and safety investments, such as personal protective equipment (PPE) and infrastructure improvements.
More information on the program is available by clicking here.
