IEDC touts Manufacturing Readiness Grant investments
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The Indiana Economic Development Corp. has awarded $20 million in Manufacturing Readiness Grants throughout the year, the organization announced Friday. The IEDC said the grants, awarded in partnership with Conexus Indiana, will support 161 projects in 50 counties.
The grant program was launched in 2020 with the goal of accelerating the adoption of smart technologies in processes in manufacturing, such as automation, robotics, 3D printing and data analytics.
The IEDC said this year’s grants will support at least $329 million in technology-based capital investments among manufacturers. About 72% of projects are from small businesses, and 28% are located in rural communities.
“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,” Indiana Secretary of Commerce David Rosenberg said in a news release. “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.”
The IEDC said all of the available funding for the grant program in 2023 has been allocated. However, new funding will be available beginning in July 2024.
Since its inception, the Manufacturing Readiness Grants program has awarded 526 grants totaling nearly $57 million.