INDIANAPOLIS (Nov. 3, 2023) – 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.
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Indiana’s commitment to advanced manufacturing is a promising step toward driving innovation and economic growth. The grants mentioned open opportunities for companies to enhance their capabilities with modern technologies. For businesses seeking reliable industrial solutions, https://amed-us.com/ offers a wide range of equipment like pumps and electric motors to optimize manufacturing processes. Investing in such tools not only increases efficiency but also ensures long-term sustainability. Supporting initiatives like these is key to maintaining a competitive edge in the manufacturing sector.