Indiana Manufacturing Readiness Grant to Help Manufacturing Businesses Prepare for the Future
Indiana businesses looking to update their manufacturing process to better integrate new technology can be eligible for up to $200,000 in grants from the state. The Indiana Economic Development Corporation (IEDC) in partnership with Conexus, a division of the Central Indiana Corporate Partnership (CICP) focusing on manufacturing and logistics businesses within Indiana, has announced a competitive matching grant program called Manufacturing Readiness Grants geared toward manufacturing businesses looking to invest and improve their processes. The program is designed to support businesses that launch initiatives to improve the capacity, efficiency, speed, and/or quality of their processes. This program is a part of a broader COVID-19 response initiative through IEDC called Economic Activity Stabilization & Enhancement (EASE).
The program is targeted at processes, not necessarily a unique or better end product. By adding “qualifying smart technology,” such as artificial intelligence (AI), cybersecurity, or advanced communications (5G, etc.) For example, the company will ideally shift from more “legacy” manufacturing regimens to a greater focus on the integration of new technology. Subsequently, the shift to newer technology would require new workforce skills.
Applications which focus on “upskilling” or adding to the current workforce, rather than the elimination of “obsolete” positions due to new technology, will be best positioned for funding.
Additionally, companies looking to increase their ties to other Indiana-based companies, such as suppliers and/or customers, will receive higher marks in the evaluation of their project application.
Funding from the program is limited to a maximum matching (1:1) grant amount of $200,000. One to one matches can come in the form of a planned investment in technology, software, or training that is matched, dollar for dollar, from the grant. The State of Indiana funds the total program at $4,000,000. A committee will confidentially consider grant applications and fund the grants (if approved) on a first come, first serve basis beginning today, June 30th.
McGuire Sponsel’s Credit’s and Incentives team specializes in state and local programs that deliver value to growing businesses across the United States. Programs like the Manufacturing Readiness Grants are ideal for manufactures preparing to add investment or headcount to improve existing processes. Similar programs may exist in states outside of Indiana. You may apply on the Conexus website.
McGuire Sponsel’s expertise in specialty tax consulting assists businesses with saving money as they grow. If you have a manufacturing client who is considering growth and expansion or is developing new processes, contact us to determine if there is potential value for them.
If you would like help in assessing your company’s project and potential to benefit from new Manufacturing Readiness Grants, please contact Ben Worrell at firstname.lastname@example.org.