INDIANAPOLIS – Mayor Joe Hogsett and Develop Indy reported year-to-date economic development results for 2020 today: $1.4 billion in capital investment and over $728 million in real estate development across Marion County, indicating solid growth despite an unpredictable year. Additionally, $20 million in financial assistance has been approved for more than 2,000 small businesses through four different loan and grant programs over the last nine months, with 53% of recipients being women- or minority-owned businesses.
“Throughout a once-in-a-century pandemic, our commitment to small businesses has never wavered,” said Mayor Hogsett. “The City of Indianapolis has worked tirelessly with the Indy Chamber to keep businesses afloat through innovative, multi-level support, whether it be outdoor dining resources, rent and mortgage assistance, or personal protective equipment. As we emerge from the pandemic, continued collaboration will be essential to reinvigorating a robust, inclusive economy.”
Small Business Support
Through its partnership with the City of Indianapolis, alongside private and philanthropic investors, Develop Indy and the Indy Chamber stepped up to meet the needs of small businesses in one of the most volatile periods in history.
- The Indy Chamber’s Rapid Response Hub served as a central resource providing answers to over 500 direct questions from employers impacted by COVID-19, as well as a connection point to much-needed financial resources.
- Rapid Response Loans totaling $3.8 million in Marion County served as a pivotal financial bridge early in the pandemic and as an ongoing support mechanism for small business lending capital.
- To assure the smallest of employers could secure Paycheck Protection Program (PPP) loans, the Indy Chamber created a unique partnership with Anderson-based Bankable to connect $3.43 million in federal funds to local small businesses.
- The Ready to Restart Grant Program awarded over $2.64 million in funds to arm Marion County small businesses with necessary health and safety items or services to combat the pandemic.
- And most recently, $10.6 million in funds have been distributed through the Hospitality Establishment Lifeline Payment (HELP) Grants for restaurants, bars, and live entertainment venues.
- The Indy Music Strategy also supported businesses by providing two rounds of grants in partnership with Musical Family Tree to local, independent music venues totaling $336,000.
In addition to these resources, Mayor Joe Hogsett and Develop Indy successfully implemented a new roadmap for inclusive incentives in January. The plan established a baseline of requirements for jobs to be incentivized: sustainable wages, health benefits, workforce support funding, and community impact. These policy changes help to ensure agreements are equitable for all. The inclusive incentives will also continue to be a critical asset as Indianapolis recovers from the impacts of COVID-19.
Develop Indy also supported local employers by stepping in to assist the Indianapolis City Market during its leadership transition, facilitating such initiatives as the Murals for Racial Justice Project.
Switching gears toward business relocations and expansions, Elanco announced a new $100 million headquarters at the former GM stamping plant site west of downtown. State incentives offered total more than $86 million and land for the project. The deal retains 1,623 Hoosier jobs and creates an additional 573 new job opportunities. Other notable 2020 wins in life sciences included Point BioPharma, Novartis, and an expansion of Eli Lilly & Co.
Point Biopharma Inc., a Toronto-based pharmaceutical startup, announced plans to build a $25 million cancer-drug manufacturing plant in Indianapolis. Point said it will transform a 77,000-square-foot building at 4850 W. 78th St. into a cancer-drug manufacturing plant, its first in the United States. Additionally, it expects to hire 30 workers over the next two years, with employment ramping up further as production increases. The private company expects to employ 113 workers by the end of 2024.
Advanced Accelerator Applications SA, a subsidiary of Swiss drug giant Novartis AG, announced plans to build a drug manufacturing plant at Purdue Research Park near Indianapolis International Airport. The 50,000-square-foot advanced manufacturing facility, which will produce radiopharmaceuticals for cancer treatment, is expected to open in 2023. The project will create 26 new jobs initially; if successful, phase two could create an additional 100 jobs.
The tech industry in Indianapolis made a significant impact in 2020. Several companies including Zylo and EnCamp made major strides and experienced exciting growth and development.
Also making waves in our local tech ecosystem is DeliverEnd. Founded in 2017 by Indiana native Nick Turner, DeliverEnd developed and markets an app aimed to improve the safety, security, and convenience of delivering items bought and sold via online marketplaces. The concept landed DeliverEnd two 2019 Mira Award nominations.
A Northern Ireland-based digital services company (Kainos Group Plc) that opened an office locally in October announced plans to add 133 employees by the end of 2024. The company said it was investing over $800,000 to lease and equip office space in downtown’s Circle Tower. Kainos also plans to recruit and develop local talent to work in support of the growth of Kainos Smart, its automated testing platform designed for Workday.
Full-feature photography platform Lumatic announced plans to expand in Indianapolis following a $600,000 investment round. The Indianapolis-based company provides the capability for groups to capture and use photography to improve marketing and engagement. Lumatic plans to secure office space in Indianapolis as its team grows, and long-term, the company plans to grow its team up to 113 associates by the end of 2024.
In the closing weeks of 2020, Indy Chamber also announced Portia Bailey-Bernard as its new Vice President of Indianapolis Economic Development, leading Develop Indy’s economic development efforts for the City of Indianapolis and Marion County.
“2020 has been a challenging year for Indianapolis, and we’ve strengthened our partnership with Mayor Hogsett and the City to help businesses meet those challenges,” said Michael Huber, Indy Chamber President and CEO. “We are excited to have Portia onboard and continue leading economic development efforts in 2021.”
About Indy Chamber:
The Indy Chamber is the voice of progress and improvement for the Indianapolis region’s business community. With membership of nearly 2,000 businesses in the Indianapolis region, the Indy Chamber is leading the effort to strengthen the business climate, improve the state of education, revitalize neighborhoods and enhance the region’s workforce. For more information, visit IndyChamber.com.
Courtney Smallwood, Indy Chamber, email@example.com