Small Business Grants Indiana: Requirements and How to Apply

small-business-grants-indiana
Pinterest

You’d think finding a legit small business grant in Indiana is impossible. Well, this isn’t exactly true. Of course, there are legit small business grants in Indiana that will aid your business growth.


Recently, Indiana Governor Eric Holcomb has authorized federal money for Small Business Restart Grants totaling $30 million.


However, to access these grants, you must ensure that you are eligible and keep the required documents handy.

To seek the requirements needed to apply for the Indiana small business grants, unwind because we have explained the requirements needed and how you can apply for these grants here.

Related: Louisiana Nonprofit and Small Business Assistance Programs: Eligibility and Deadline

What Small Business Grants are Available in Indiana?

There are lots of small business grants available in Indiana. In fact, the majority of the federal budget in government grants is put into the business sector every year.

There are more than $13,346.00 million dollars grants and additional local government funding sources of $10,194.00 million dollars given to small businesses that need financial assistance.

Of course, this was put in place because they view small businesses and large corporations as the foundation of Indiana’s economic growth.

Now, let’s take a look at some small business grants in Indiana:

Program for Small Business Innovation Research (SBIR)

The SBIR program funds a diverse portfolio of startups and small enterprises across technical domains and markets.

They do this to promote technological innovation, satisfy Federal R&D needs, and boost commercialization to turn R&D into impact.

Also, they promote and support all individuals, including women, people of color, persons with disabilities, and entrepreneurs from all 50 states and territories, to participate in innovation and entrepreneurship.

To be eligible for SBIR funds, you must own and operate a for-profit small business in any state, including Indiana. This serves as the foundation for meeting other requirements.

Related: Sunset Finance Credit Score Requirement, Locations, and Contact

Technology Transfer Program for Small Businesses (STTR)

STTR, like SBIR, focuses on funding science in the R&D area. The STTR, on the other hand, is unique in that it demands collaboration between a small business and a research group.

To be eligible for STTR funds, you must also run a for-profit firm and satisfy additional requirements.

USDA Rural Business Enterprise Grant Program

Grants for rural and small businesses in Indiana are available through the USDA’s rural business enterprise grant program.

The USDA Rural Business Enterprise Grant Program provides technical assistance and inspections to small businesses in rural areas such as Indiana.

However, to qualify for this grant, you would need to have less than 50 employees and a total income of $1 million.

The awards are mostly used by rural public bodies, towns, state governments, NGOs, higher education institutions, rural small companies, and federally designated tribes, including Indiana.

Related: How to Get a Personal Loan Without a Credit Check

Minority Business Development Agency of the United States Department of Commerce (MBDA)

The Minority Business Development Agency (MBDA) of the United States Department of Commerce is the only government agency entirely committed to the growth and worldwide competitiveness of small business firms.

MBDA products, services, and initiatives are designed to assist MBEs in growing today while also preparing them to meet the industry’s demands in the future.

Also, they invest in the development of a nationwide network of MBDA Business Centers, Specialty Centers, and Grantees.

Their programs provide tailored company development and industry-specific assistance to increase access to funding, contracts, and markets.

State Trade Expansion Program of the United States Small Business Administration (STEP)

This program distributes government funds through state governments. It is intended to assist small businesses that wish to market their products.

Small businesses that meet the requirements of the state can use the funding to attend foreign trade missions and events, acquire access to new markets, establish websites, and develop international marketing items or promotions.

However, accessing this fund comes with a lot of paperwork; as you might expect, it can be time-consuming and complicated. As a result, before applying, you should double-check your eligibility.

In addition to the legislative and institutional requirements, there are provisions for frequent monitoring and auditing. The complete description is available here.

Related: Should You Get a Loan From Pronto Finance?

8(a) Program for Business Development

The goal of this program is to assist small businesses established by socially and economically needy persons.

They accomplish this by limiting procurement for government contracts to participants in the 8(a) enterprise growth program.

Businesses must, however, be members of an 8(a) body in order to be eligible.

HUBZone

HUBZone is a small business assistance initiative. This program gives small businesses in Indiana grants and also assists businesses in underserved industrial districts in competing for government contracts by increasing their success.

Meanwhile, if you run a Startup or small business in Indiana and you happen to participate in the HUBZone program. Guess what?

You will not only be eligible for grants, but you will also be eligible to bid on set-aside contracts and gain exclusive treatment on other contracts, such as a 10% price advantage in free contract competitions.

Related: Viva Finance Loans: Requirements & Reviews

What are the Requirements to Get Small Business Grants in Indiana?

Some requirements to access small business grants in Indiana are mostly documents about your business. Before your grant is approved, you will have to present these documents.


So, it would be best if you kept them handy. You should know what these requirements are. Well, here’re they are:

Detailed Business Plan

For your small business grants to be approved, you will need to present a detailed business plan. Here’re tips to go about it:

  • Be sure to provide a brief description of your business. This is where you may tell them about your business’s history and what you do as a business.
  • Provide thorough details about your business framework.
  • What products and services does your business provide? Outline them and provide a brief explanation for each.
  • Also, include how much money you anticipate making from your business and how you will finance your business in the future.

Related: Crane Finance Loan Reviews | Is Crane Finance Legit?

Detailed Budget

What should be included in your budget? While each business is different, the following components should be included in your baseline grant request budget:

  • Personnel Payroll
  • Travel Expenses
  • Equipment Costs
  • Supplies
  • Services (Contracted)
  • Income Statement
  • Statement of Cash Flows
  • Balance Sheet

Related: Bay Equity Home Loans Reviews

Your Company’s Written History, Mission, and Vision

In this part, highlight what makes your business special. Outline your business’s history and how you got started.

Your narrative should astound the readers and demonstrate your dedication to your cause. In this part, you should appeal to their emotions while also connecting to the funder’s objective.

In this area of your proposal, try to address the following questions:

  • What direction do you anticipate your business taking in the future?
  • What does your business provide to the market that others do not?
  • How would the funding assist you in filling a need in the industry?
  • How did your company get started?
  • What is the mission of your business?
  • Your business’s federal identification number
  • 2019 federal tax returns
  • A valid driver’s license or a US-issued ID is required.

Project Description

After articulating your vision and detailing your business goals, it’s essential to inform the investor how you intend to attain them.

You may use your budget to gather facts about staff, equipment, and other goods to define how each of these assets will help you flourish as a firm and achieve your purpose.

Share information about current tactics and strategies that are assisting your organization. You can also describe how you intend to use these strategies if you are awarded the funding.

Related: Speedy Loans: 2022 Reviews and Offer

Cover Letter

Despite being the last thing you write, the cover letter is perhaps the most important aspect of your grant application.

While the remainder of your proposal may be excellent, an unprepared cover letter may turn off potential investors. Consider your cover letter to be a professional introduction to your business.

When you meet someone for the first time, introductions are generally brief, and you leave with a good understanding of who they are and what they do. The same goes for your cover letter.

Related: Sunset Finance Credit Score Requirement, Locations, and Contact

What Makes Me Eligible to Obtain a Small Business Grant in Indiana?

Here are the standards your business must meet in order to be eligible for the small business grants in Indiana:

  • You must have founded your business by October 1, 2019.
  • To operate in Indiana, the business must be registered. You must service your claim’s expenditures within the state. This regulation does not apply to sole owners.
  • Make sure you are in good standing with the Indiana Department of Revenue or have an authorized payment plan for any overdue taxes before applying.
  • You are eligible if your business has less than 100 employees as of December 31, 2019.
  • In 2019, the business should have produced less than $10 million in gross sales and had a positive EBITDA.
  • To be eligible for expenditure reimbursement, a business must have a 40% loss index in gross revenues during the award period compared to the pre-Covid period.
  • The business is entitled to compensation if the owner receives any cash from the paycheck protection program or an economic injury disaster loan.

Frequently Asked Questions About Small Business Grants in Indiana

What grants are available in Indiana?

Indiana provides various state-funded grants through a range of initiatives critical to the state’s public safety. Here are some of them:

  • Grant for Fire Training Infrastructure
  • A grant from the Indiana Homeland Security Foundation
  • Scholarship provided by the Indiana Homeland Security Foundation.
  • Grant for Local Training Support
  • Obtaining a School Safety Grant

How do small businesses get funding for the first time?

Here are some ways small businesses get funding for the first time:

  • Determine how much money you’ll need.
  • Self-funding allows you to fund your own business.
  • Investors can help you get venture funding.
  • Crowdfunding can help you fund your business.
  • Apply for small business financing.
  • Lender Match can help you identify lenders who offer SBA-guaranteed loans.
  • Programs for SBA investment.

What is the restart Grant?

This is a one-time award for non-essential retail, hospitality, lodging, leisure, personal care, and gym enterprises.

How do I get financial assistance in Indiana?

To apply, call 800-403-0864 or visit your county’s Local Office of Family and Children.

This is a government initiative that gives financial help to working or enrolled students and their families.

What are the easiest loans to get approved for?

Payday loans, automobile title loans, pawnshop loans, and personal installment loans are likely to be the simplest to obtain approval for.

These are all short-term cash alternatives for needy individuals with weak credit. Many of these solutions are intended to assist debtors in need of quick cash.

Can you get a SBA loan with no money?

The SBA Microloan is one of the few Small Business Administration (SBA) loan programs that does not demand a down payment.

The SBA will, however, continue to require loan applicants to provide a personal guarantee.

Conclusion

Having known that there are tons of small business grants in Indiana, what next?

Get your documents ready and apply already. However, if you need more clarification on how to go about it do well to drop your specific query in the comment section.

References

Ambergrants – Small business grants in Indiana

Recommendations

5 Shares:
3 comments
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like