Indiana Business Development Programs: Financing and incentive programs provided through the Indiana Department of Commerce's Business Development Division

Global Finance, Dec 2004 by Green, Paula L

Population: 6.2 million Indiana Department of Commerce

One North Capitol, Suite 700

Indianapolis, IN 46204

Phone: 800-463-8081

Fax: 317-233-5123

www.indianacommerce.com

Contact: Tim Monger, executive director

Email: tmonger@commerce.in.gov

Indiana Bankers Association

3135 N. Meridian St.

Indianapolis, IN 46208

Phone: 317-921-3131

Fax: 317-921-3131

www.indianabankers.org

Indiana Economic Development Council

1 North Capitol Ave.

Indianapolis, IN 46204

Phone: 317-234-2371

www.icdc.org

Contact: M Jacqueline Nytes, president

Phone: 317-234-2114

Email: jnytes@iedc.org

Top Banking Institutions

National City Bank of Indiana

Old National Bank

Irwin Union Bank & Trust

OFFICE OF INTERNATIONAL TRADE

This office helps Hoosier companies interested in exploring international markets through market research and overseas offices. The office also has a Trade Show Assistance Program that provides grants to businesses wishing to participate in international trade shows.

TRAINING

The Department of Commerce offers possible assistance from its Skills Enhancement Fund (SEF) program. This flexible training program will provide partial reimbursement for a wide variety of training costs. Eligible costs include instructional materials, instructor salaries and travel to training sites.

EDGE

The Department of Commerce may offer Economic Development for a Growing Economy (EDGE) tax credits based on the added payroll for Indiana jobs created. The payroll taxes withheld from those new employees, effectively 3% in Indiana, are the basis for the credits. Tax credits can be awarded up to that amount for a period not to exceed 10 years. The credits awarded are first applied against any Indiana corporate income tax liability, and any excess amount earned is refunded directly to the company.

PUBLIC INFRASTRUCTURE

The Department of Commerce may assist the community companies select by helping to provide public infrastructure, through the Industrial Development Grant Fund (IDGF), to serve a company's facility. Assistance may be provided to support the opening of the new plant or at any time in the future if a plant expansion necessitates additional public improvements.

PERMITTING ASSISTANCE

The Office of the Ombudsman serves as a liaison between companies, communities, local economic development organizations and regulatory agencies. It can provide permit application assistance and tracking and will also help to establish early communications with the technical staff of regulatory agencies to ensure permits are efficiently processed. This service is an effort to minimize the amount of time spent on regulatory compliance.

TECH FUND

The commerce department, in partnership with the Department of Workforce Development, created the Technology Enhancement Certification for Hoosiers (TECH) Fund to help Indiana businesses train their existing information technology professionals. The maximum award to any one company is $50,000 and can be used for costs associated with a company's IT professionals earning recognized certifications in areas including systems administration, systems engineering and software development.

HOOSIER BUSINESS INVESTMENT TAX CREDIT

Under new legislation passed by the Indiana General Assembly, businesses may be eligible for a credit against future Indiana tax liabilities, worth up to 30% of the capital investment made in Indiana during the calendar years 2004 and 2005.

ENERGY POLICY

Companies may qualify for loans or grants through the Indiana Department of Commerce's Energy & Recycling Office. The ERO administers the Recycling Promotion and Assistance Fund (RPAF), which may provide a zero interest loan of up to $1 million dollars to support the use of recycled materials in a company's products. The programs promote economic development by encouraging the responsible use of natural resources and helping businesses increase the energy efficiency of their manufacturing processes.

Additional assistance offered by Indiana's DEPARTMENT OF WORKFORCE DEVELOPMENT (DWD):

EMPLOYEE RECRUITMENT

DWD's Customer Self-Service System (CS3) is a sophisticated Internet-based job matching system that provides the ability to match the company's job orders for new workers with the skills of job seekers all over the state. The system increases the company's access to qualified workers, contributes to diversity in the potential labor pool and ensures that only those individuals most likely to meet the company's job criteria are seen. Through CS3, DWD can assist in the recruitment, screening and selection of employees based on qualifications specified.

ADVANCE INDIANA

Once a business is established in Indiana and a company is committed to expanding the skills of its current workforce, the Advance Indiana program can be considered. Advance Indiana is intended to address the need of companies for a skilled workforce while promoting lifelong learning opportunities for working Hoosiers. The training initiative develops the transferable skills of workers, is targeted to Indiana businesses, is available over a two-year period and must result in a portable credential for the employee participating in the training. Portable credentials sought by participants in current training projects include college degrees and advanced information technology certifications.