From the Office of Eric Bassler, State Senator – Serving District 39:
“Indiana’s economy has rebounded from the COVID-19 pandemic faster than almost every other state, and as your state senator I am committed to furthering efforts to help our small businesses and local economies continue to recover,” Bassler said in a recent statement.
According to Bassler, Indiana’s new two-year budget will help drive economic growth across our state through the following initiatives.
- $500 million has been allocated to the Regional Economic Acceleration and Development Initiative (READI), a grant program to help boost local economies by funding projects geared toward long-term growth. Learn more at IndianaREADI.com.
- $60 million will be used for Small Business Restart Grants to help Hoosier businesses recover. Learn more and apply here.
- $20 million will support the state’s Manufacturing Readiness Grant Program to ensure Indiana’s manufacturing industry stays competitive. Learn more and apply here.
- $500 million has been allocated to the Unemployment Insurance Trust Fund, which reduces every Indiana business’s payment to the fund and frees up money for them to increase employee pay.
Additionally, Senator Bassler supported legislation to permanently expand property-tax exemptions for approximately 34,000 small businesses, which will allow these businesses to reinvest would-be tax money back into their operations.
“I am proud to support these initiatives, and know this funding will be critical in helping our small businesses recover from the events of the past year,” Bassler summarized.
Find more resources for small businesses on the Indiana Small Business Development Center webpage.