Indiana is set to receive up to $99.1 million in federal funding to expand access to and increase capital for entrepreneurs, startups and small businesses.  The Indiana Economic Development Corp. announced Monday the state is one of the first 14 to be approved by the U.S. Department of Treasury for the State Small Business Credit Initiative. According to Inside INdiana Business, the SSBCI, which was established in 2010, was reauthorized and funded through The American Rescue Plan Act in 2021.

The IEDC says the funding is expected to leverage $10 in follow-on investment for each $1 of SSBCI. The IEDC says Indiana will receive a minimum of $86 million and will be eligible for an additional $13 million over 10 years. The state plans to use the funding to expand venture capital investments and create a new program to invest in small business loan funds. A minimum of 37% of the funding will be allocated to traditionally underserved small businesses and entrepreneurs.