If you’re a small business owner in Indiana, securing funds for starting a business and its expansion can be a challenge. But there’s good news! Small business grants in Indiana can provide the financial support you need—without the stress of repayment. Indiana is paving the way for small business growth by offering numerous small business grants designed to empower entrepreneurs. These small business grants are offered by government departments to foster economic growth and social welfare.
From state-specific grants to industry/niche-specific grants, there are ample opportunities for startups and small businesses to access capital. These small business grants can be used for several purposes, from manufacturing and workforce development to marketing and branding. In this blog, we will share what small business grants are and the top small business grants in Indiana.
What are Small Business Grants in Indiana?
Small Business Grants are monetary awards presented by the federal, state or local government to help small business owners. They support businesses in certain regions, industries, and niches that work for some initiatives. Indiana Business grants for small businesses are like gifts that do not need to be repaid like loans. Moreover, it does not give third-party ownership in your company like in venture capital investment. Small business grants offer complete ownership, profitability and losses only to the grantee.
Some grants are given as an incentive for companies to work for some social causes that aim for the betterment of society. In these types of grants, there are certain requirements for how the money can be used. On the other hand, grants that are for normal businesses can be used in any way.
Small business grants in Indiana are incredibly helpful during the startup phase. They can be used to manufacture products, buy machinery, hire workers, and invest in marketing and branding, etc. Grants are also useful during tough times when a business faces significant losses. Additionally, they can support growth when a business needs to expand its current offerings and enter new fields. In short, Indiana Business Grants are vital for small businesses to overcome challenges and foster growth and success.
Top Small Business Grants for 2025 in Indiana
Small Business grants offer great opportunities for budding entrepreneurs and small businesses to start, run and expand any business. There are a number of grants for different purposes, states and industries. Let’s have a look at the top small business grants for 2025 in Indiana:
Indiana Small Business Restart Grant Program
The Indiana Small Business Restart grant program was introduced to help small businesses struggling due to lack of money. It provides financial assistance to cover expenses, including rent, mortgage payments, payroll, utilities, insurance premiums, lease payments, and safety investments. The grant program started with $34.5 million and later received an extra $60 million in funding.
Indiana Small Business Development Center (ISBDC)
The ISBDC is a broader initiative offering a range of services to support small businesses at all stages of their journey. It offers personalized support, such as no-cost business advising, training, technical assistance, and access to financial resources. ISBDC advisors help businesses access funding, connect with federal and state funding opportunities, and provide specialized assistance in various business aspects.
READI Grant
Indiana Regional Economic Acceleration and Development Initiative (READI) funds are a state program designed to boost economic growth and community development. It aims to support innovative businesses, companies and high-growth startups through funding. This grant focuses on 3 main aspects: advancing quality of life, quality of place and quality of opportunity. In the beginning it was allocated $500 million in state appropriations to promote economic development through entrepreneurship.
Elevate Small Business Grant
The Elevate small business grant program is designed to assist small businesses in Indiana in developing and growing their businesses. Eligible businesses can receive $20,000 to cover costs related to equipment purchases, capital improvements, technology enhancements, workforce development, and other expenses. This grant focuses on enhancing economic development, job creation, and business expansion in Indiana.
Applied Research Institute (ARI) Innovation Vouchers
The Applied Research Institute (ARI) Innovation Voucher Program offers grants of up to $50,000 to help small businesses in Indiana. It offers funding to entrepreneurs who deal in the development of innovative products and services. The program also helps businesses collaborate with research institutions to foster innovation and commercialization. Businesses can get easy access to important resources for technology and innovation development.
Ivy Tech Workforce Ready Grant
This is a workforce-ready grant that provides funding to small businesses in Indiana looking to boost their employees’ skills. With this grant, businesses can access funds for employee training programs, which help make workers more efficient and productive. The grant focuses on industries with high growth potential, including technology, healthcare, IT, business services, and logistics. The goal is to close the skills gap and prepare employees for better-paying jobs.
Indiana’s State Small Business Credit Initiative (SSBCI)
SSBCI is a federally funded program that aims at increasing access to capital funding for small businesses in the state. It provides competitive grants and loan guarantees to empower Hoosier entrepreneurs, startups and small businesses. The SSBCI is set to provide $99 million to support small businesses seeking expansion and growth. At least 37% of the funding will support underserved small businesses and entrepreneurs.
Indiana Manufacturing Readiness Grants
This is a special grant for businesses looking to invest in smart technology to enhance efficiency, innovation, productivity, and growth. This includes technologies such as cobots, artificial intelligence, advanced communication, machine learning, and the Industrial Internet of Things. The grant amounts to up to $200,000 to help manufacturers to stay competitive and updated.
Rural Business Development Grants
Rural Business Development Grants provide funding to small businesses and non-profit organizations in rural areas to drive economic growth and create job opportunities. These grants support initiatives such as local job creation, long-term business planning, and technology-driven development. They are specifically designed for organizations rooted in rural communities, fostering sustainable growth and development.
Small Business Innovation Research (SBIR)
The Small Business Innovation Research (SBIR) program awards funding to small enterprises with 500 or less employees to promote technical improvements. These grants help such businesses conduct research and development (R&D) on innovative technologies and create new products or services. The program aims to promote new technology and encourage underrepresented firms to apply.
Conclusion
Indiana is continuously offering valuable grants for small businesses to start and expand their businesses and aid in economic development. From the Indiana Small Business Restart Grant Program to SBIR, we have discussed the top 10 small business grants for 2025 in Indiana. These small business grants offer funding for various purposes, from enhancing operations to prompting workforce development. Rural business development grants aim at improving the quality of life in rural areas by creating job opportunities and long-term businesses. So, understand your business objectives and find a suitable grant to fuel your small business.
