Indiana officials are making $20 million in grant funds available to state manufacturers who pledge to invest and modernize their operations.
Applications are again being accepted for the Manufacturing Readiness Grant program. The program is administered by the Indiana Economic Development Corp. in partnership with Conexus Indiana.
The state is has extended the program through June 2023 with matching grants available to help respond to the global COVID-19 pandemic.
“The response we received from Indiana businesses to the Manufacturing Readiness Grant program is proof Indiana companies want to modernize and set themselves up for a successful future,” said Gov. Eric Holcomb. “With one in five Hoosiers working in the advanced manufacturing industry, this funding can truly go a long way to promote future innovation and provide more quality career opportunities for Hoosiers across the state.”
First launched in 2020, the program has awarded $6.7 million in grants to 87 Indiana companies in 38 counties.
The funding has supported technology-based capital investments that are projected to be more than $50 million, according to state estimates. Based on the response to the program, the state lawmakers appropriated $20 million in the two-year state budget that runs through June 30, 2023.
An array of innovative technologies are being adopted by grant awardees including the Internet of Things (IoT), cloud computing and analytics, advanced modeling, additive manufacturing, artificial intelligence and cobots.
“While many Indiana manufacturers made digital transformation progress in 2020-2021 with investments in their first production 3D printer, autonomous mobile robot, cobot or other industry technology enabled by the grant, many more need to take steps to ensure their future and accelerate Indiana’s digital journey,” said Mitch Landess, vice president of innovation and digital transformation at Conexus Indiana. “These grants have given hundreds of companies the confidence to invest in smart manufacturing technologies.”
Grants must be matched by the applicant on a minimum 1:1 basis. Grants undergo a rigorous peer review and recommendation process by a statewide committee of manufacturing professionals representing industry, academia, private equity and more.