Economic development bonds:
Cities and counties provide tax-exempt financing for businesses through economic development commissions. Interest rates and terms are negotiated at the local level. Bonds are issued through loan, lease or sale agreements. The bonds can finance facilities for manufacturing and certain other projects.
The state-funded Industrial Development Grant fund supplements the funding of local units of government to pay for offsite infrastructure projects in support of new business development. The grant award is based on new job created and is not to exceed 50 percent of any project.
The Indiana Economic Development Corporation provides loan guarantees secured by real estate and equipment through banks and small business lenders for high-skilled, high-growth firms, agribusiness, and some manufacturing companies. The guarantees may be granted for loans used for capital expenditures, including land acquisition, building improvements, equipment, facilities, and some working capital. The maximum amount for a single agribusiness or rural development project is $300,000; maximum loan guarantees can be greater than $300,000 for other projects.
Businesses can apply for reimbursement grants to subsidize the cost of training and retraining employees through the state's Skills Enhancement Fund grants program. This program covers up to half of eligible training costs, which include instructor wages, tuition, and training materials. The maximum award for retraining is $200,000.
Technology Enhancement Certification for Hoosiers (TECH) Fund:
The TECH Fund, part of the Skills Enhancement Fund grants program, reimburses up to 50 percent of the training budget of $2,500 per employee for activities that result in a full-time employee receiving a portable certification in systems administration, systems engineering or software development; a professional certification; or other certification in advanced e-business enabling applications.
The INSPIRE Fund, part of the Skills Enhancement Fund grants program, reimburses up to $200,000 50 percent of the training budget, or $750 per employee in a given year, for activities that result in a full-time employee receiving certification in an insurance accreditation program only.
Indiana State Contact:
Indiana Economic Development Corporation
One North Capitol, Suite 700
Indianapolis, IN 46204
Incentive and tax information is provided to Area Development by each state's economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.