~ Manufacturing Readiness Grant program awards $20M to spur 161 projects designed to accelerate smart technologies and processes, catalyze growth of Indiana’s small and rural manufacturers ~
The Indiana Economic Development Corporation (IEDC), in partnership with Conexus Indiana, today announced $20 million in awards through the Manufacturing Readiness Grant program, underscoring the state’s commitment to investing in the future of advanced manufacturing. These awards, made throughout 2023, will support at least $329 million in technology-enabled capital investments to accelerate production capabilities and efficiencies.
This year’s Manufacturing Readiness Grants will support 161 projects in 50 counties across the state designed to accelerate the adoption and implementation of smart technologies and processes in manufacturing. A significant portion of these investments are being made in small businesses (72% of projects are supporting businesses with fewer than 100 employees), rural operations (28% of projects are located in rural communities), and long-standing operations (79% are businesses more than 10 years old).
“The Manufacturing Readiness Grant program is a strategic investment in Indiana’s largest, longest-held industry – a future-focused sector that will be critical to the state’s growth and success as we build a global economy of the future,” said Indiana Secretary of Commerce David Rosenberg. “These grants will spur technology-enabled capital investments at manufacturers statewide, helping some of Indiana’s most in-need businesses make critical investments in their futures and in their workforces.”
Launched in 2020, the Manufacturing Readiness Grants program plays a pivotal role in encouraging manufacturers to adopt emerging technologies, such as automation, robotics, 3D printing and data analytics, helping future-proof Indiana’s most robust industry sector and ensuring its long-term competitiveness. Impact studies of the program from Conexus Indiana, IEDC and the Purdue University Dauch Center for the Management of Manufacturing Enterprises found that companies that adopted smart manufacturing technology added an average of five new jobs, anticipated an average payroll growth of $196,000, and increased revenue by an average of $2.5 million.
Since its inception, a total of 526 awards totaling $56.9 million have been awarded to 465 unique companies in 79 counties, accelerating proposed projects with combined budgets of $812.7 million.
While all of the available 2023 funding for the Manufacturing Readiness Grant program has been allocated, new funding will be available beginning in July 2024. Companies interested in leveraging the program to invest in technology-related advancements are encouraged to fill out an interest form online to be notified when applications re-open.
About IEDC
The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov.
About Conexus Indiana
For more than a decade, Conexus Indiana, one of the Central Indiana Corporate Partnership (CICP) non-profit initiatives, has been positioning the Hoosier State as the best place for advanced manufacturing and logistics industries to innovate, invest, employ and succeed. By collaborating with industry, academic and public sector partners on a shared vision for an innovative, skilled workforce and stronger business climate, Conexus Indiana has helped to create opportunities for advanced manufacturing and logistics companies, prepare Hoosiers to succeed in the state’s largest industry sectors and maintain Indiana’s competitive advantage. For more information, visit conexusindiana.com.
Media Contact:
Erin Sweitzer, IEDC
esweitzer@iedc.in.gov
317.296.2556
