Business Grants in Indiana [Updated for 2024]

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Updated: February 22nd, 2024

Business Grants in Indiana [Updated for 2024]

If you're planning to launch or open a business in Indiana, consider applying for a business grant. In general, business grants are essential when developing a start-up business, especially if you need more money as capital to start your business. You can find business grants in Indiana and apply for one to help your business.

In this article, we'll walk you through everything you need about business grants in Indiana. We'll include different ones to fit any starting business for various owners. This way, you'll have a starting point if you need starting capital through grants.

Without further ado, let's get into it!

Best Business Grants in Indiana

Below are some of the best business grants in Indiana. If you're starting a business and need some funding for capital, consider applying for any of these grants.

SBA Indiana

In addition to SBA funding programs and counseling, its office can help with federal contracting certifications, disaster recovery, and federal contracting certifications.

Besides connecting you with their partners, SBA can also connect you with lenders and other community groups dedicated to helping small businesses succeed. In addition, all of Indiana's districts are serviced by the Indiana District Office.

Apply for SBA Indiana

Kapitus' $250K Building Resilient Businesses Contest

The Creating Resilient Companies competition will award $100,000 to the first-place winner, $50,000 to the second-place winner, and $20,000 to the fifth-place winner.

Applicants must upload a two-minute video describing their company, how it survived the past two years, and how they would spend $100,000.

This competition is open to any US small business operating for at least a year and generating less than $5 million in yearly revenue, including Indiana.

Apply for Kapitus' $250K Building Resilient Businesses Contest.

Small Business Grants in Indiana

Most business grants offered to business owners in Indiana are only for small businesses. As such, you'll find plenty of options when starting a small business in this state. Moreover, a small business will have better chances of getting a business grant approval in Indiana. Here are some options to consider:

Elevate

Elevate is a program that helps small firms, their employees, and the communities they serve thrive and flourish.

A grant recipient can spend up to $20,000 on capital purchases, workforce development, or other requirements to boost their business. However, there is a $5,000 limit on working capital expenses.

As a result of this award, FHLBank Indianapolis affiliates will be better able to connect with their clients. All parties involved will benefit from that.

For this program, only small firms in Indiana or Michigan are eligible to apply, and they must collaborate with a partner at FHLBank Indianapolis.

Apply for Elevate

Grants for Small Businesses

Throughout Indiana, business owners and entrepreneurs regularly contact congress representatives seeking start-up or operations capital.

Sadly, the federal government cannot provide grants to these companies through financial assistance. However, you can obtain low-interest financing through the Small Business Administration.

Additionally, the SBA provides a wealth of helpful information about starting a business, running a business successfully, procuring government contracts, and learning about the latest trends in business.

Apply for SBA Indiana

Small Business Grants in Indiana for Minorities

Business grants are always geared towards minorities who plan to start a small business, and Indiana offers various business grants. For this reason, you can consider these grants if you want to start a small business in Indiana.

Smart Businesses Recycle

The Smart Businesses Recycle isn't precisely a grant. However, it offers incentives for businesses that recycle their waste and resolves other issues that stop them from recycling. As such, whether or not you need a grant, this program is worth considering.

Join the Smart Companies Recycle program to get rewards for establishing a single-stream recycling program, cutting waste, and removing obstacles to recycling!

Apply for Smart Businesses Recycle

Revolving Business Enterprise Fund

The Revolving Business Enterprise Fund advocates on behalf of your company. The primary purpose is to level the playing field and to deliver a better return on investment financing.

They try to do so by providing gap and direct financing to individual lenders and start-up enterprises within the City of South Bend, Indiana.

Apply for Revolving Business Enterprise Fund

Business Grants in Indiana for Women

Another common factor for business grants is for women who are business owners. As such, if you're a woman who's planning to start a business in Indiana and need of funding, you can consider applying for one of the following grants:

Amber Grant

Amber Grant chooses four $1,000 grants each month and one $10,000 grant to women-owned businesses.

In January, creative arts are featured. In August, hair care and beauty products are featured, and skilled crafts are featured in October.

The website rewards two firms that received $10,000 monthly grants with $25,000 at the end of each year. Each month, applicants must submit their applications by the last day of the month.

Apply for Amber Grant

Frequently Asked Questions

Below are some of the frequently asked questions you may have about business grants in Indiana.

How Can I Get Financial Help for My Business in Indiana?

Business grants vary from state to state, and Indiana has a specific business grant suited to approved applicants and business owners.

Every Indiana small business owner is entitled to financial assistance from federal and state agencies.

As such, if you're planning to start a business in Indiana, you can apply for a business grant through the federal and state agencies that cover this state.

How Much Is the Indiana Grant?

The amount of financial help you can get from business grants offered in Indiana depends on the type of business you have and your eligibility for approval.

However, you can get as much as $10,000 if you conduct development and research with the state's federal agencies.

Also, it will depend on your application's approval, as the state agency will determine how much grant they'll offer for your business.

What Is the Indiana Grant For?

Indiana's Federal Government isn't publicly provided, meaning only some start-up businesses are automatically given grants. As such, you'll likely need to apply for such and wait if you get approved or not.

Nonetheless, the Indiana Grant is primarily available for small business owners planning to start and grow their ventures.

While most grants require paying back the funding, some grant beneficiaries from the Indiana Government do not require such. Thus, you can grow your business in Indiana without actually paying back the grant after some time.

Conclusion

Starting a business from scratch requires hard work, research, and funding. As such, many people need more funding to maintain or even launch a business. With business grants, the state government will take care of the capital you need or the fund you need for your business research.

As such, you only need to worry about your business structure and do the work to keep it growing. With this information, we hope you find a business grant in Indiana and get approved for one to help you grow your business.

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Pat Walls

I'm Pat Walls and I created Starter Story - a website dedicated to helping people start businesses. We interview entrepreneurs from around the world about how they started and grew their businesses.

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