Friends,

 

Through it all, Indiana’s getting Back on Track.

 

As we continue through Stage 3 of Governor Holcomb’s Back on Track plan, Governor Holcomb has announced nearly $44 million to help restart the engines of our state’s economy – small businesses and manufacturing!

 

That’s because these two sectors are responsible for so many good, high-wage Hoosier jobs:

• Indiana is home to approximately 104,335 small businesses that employ fewer than 150 associates, supporting 941,578 Hoosiers across the state
• Indiana has more than 8,500 manufacturing facilities
• We’ve got the highest concentration of manufacturing jobs in the U.S.
• Manufacturing accounts for more than 27.8% of Indiana's total economic output

Here’s a quick rundown on how this aid for our job creators will go to work for Hoosiers:

• Small Business Restart Fund: Gov. Holcomb approved $30 million in federal funding made available through the CARES Act to go 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.
• Small Business Relief & Planning Resources: The Indiana Small Business Development Center (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.
• Manufacturing Support & Long-Term Growth: The Indiana Economic Development Corporation (IEDC) board of directors approved $10 million to launch the Economic Activity Stabilization and Enhancement (EASE) program aimed at supporting technology and operational advancements in the manufacturing industry, which has long been a key driver of the state’s economy.

Indiana is fortunate for the strong fiscal stewardship we had heading into this crisis. That leadership is allowing us to continue our fiscal responsibility while lifting up our job creators. Together, we’ll come out of this pandemic stronger than ever before!

 

#BackonTrack,
Your Holcomb Crew