Purdue Center for Regional Development Receives CARES Act Funding to Support Small Business Growth

WEST LAFAYETTE, Ind. – The Purdue Center for Regional Development (PCRD) received funding from the Federal Economic Development Administration (EDA) to help Indiana-based businesses overcome the impact of the COVID-19 pandemic.

Second stage companies (10-99 employees) who meet the criteria will receive strategic research and frameworks to create jobs through the economic gardening program. Economic gardening is an entrepreneurial approach to economic development that seeks to grow the local economy from within. The program focuses on supporting local second-stage businesses looking to grow their business with strategic information and strategies to help accelerate job growth. The $ 4,200 fee will be covered by the CARES Act funds for qualifying businesses.

Why focus on business as a second step? Small businesses are the main engine of job growth in Indiana. Existing second-stage businesses generated nearly 38% of all new jobs in Indiana in 2019, more than larger businesses in the state.

A team of economic gardening specialists with expertise in geospatial analysis, market research and digital marketing will be assigned to help CEOs identify key issues that may be hampering their growth. Specialists use a variety of sophisticated business tools to identify new markets, provide competitive intelligence and industry trends, assess digital marketing efforts, and find qualified prospects to provide insight and insight that CEOs can. implement immediately.

Bo Beaulieu, professor of rural and regional development at the Purdue Center for Regional Development and Department of Agricultural Economics, said: “We were hoping to help retain or develop 20 jobs over a period of 3 to 4 years. We were heartened to know that the program resulted in net growth or maintenance of 132 jobs as well as a 17% net increase in gross domestic income ”for the 19 businesses served during this period.

The Economics Gardening Program qualifications for entry into the program by a business are:

  1. Represent a private for-profit company.
  2. Not metropolitan.
  3. Employ at least 10 but not more than 100 people.
  4. Generate annual revenue of $ 750,000 to $ 50 million.
  5. Maintain its principal place of business in Indiana for at least the previous two years.

Learn more about the eligibility conditions and apply on a secure platform. Completed requests will be reviewed in a timely manner and decisions will be communicated to the company within two business days. For more information contact Emily Del Real at [email protected] or 765-494-7273.

About the Purdue Center for Regional Development

The Purdue Center for Regional Development (PCRD) seeks to launch new ideas and strategies that contribute to regional collaboration, innovation and prosperity. Founded in 2005, the center partners with public, private, nonprofit and philanthropic organizations to identify and improve key drivers of innovation in regions of Indiana, the United States and beyond. These drivers include dynamic and inclusive civic leadership, a commitment to collaboration and the application of advanced data support systems to promote sound decision making and continued investments in economic development that build on the strengths. competitive regions.

About Purdue University

Purdue University is a leading public research institution that develops practical solutions to today’s most difficult challenges. Ranked # 5 most innovative universities in the United States by US News & World Report, Purdue delivers world-changing research and extraordinary discoveries. Engaged in hands-on, online learning in the real world, Purdue provides transformative education for everyone. Committed to affordability and accessibility, Purdue has frozen tuition and most fees at 2012-2013 levels, allowing more students than ever to graduate debt-free. See how Purdue never stops in the persistent pursuit of the next giant leap to https://purdue.edu/.

Editor / Media contact: Emily Del Real, 765-494-7273, [email protected]

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