State & Local Incentives

Local Incentives

Revolving Loan Fund
Qualifying companies can apply for low interest "gap financing" loans to be used in conjunction with private financing.  These funds are administered by the Randolph Economic Development Corporation and are made available to new and existing businesses based on an application process.

Tax abatement
Tax phase-in gives local government the option of allowing certain businesses to phase-in those new taxes that would otherwise be assessed to their property because of new building construction or the purchase of equipment used for manufacturing, research and development, logistical distribution and information technology.  

Tax Increment Financing
TIF districts are established through redevelopment commissions. New taxes generated as a result of development in the TIF may be used as debt service on bonds issued for the purpose of developments and improvements in the area. Proceeds from the bonds may be used to construct public improvements such as roads, sewers, etc.

State Incentives

Economic Development for a Growing Economy Tax Credit (EDGE)
The Economic Development for a Growing Economy (EDGE) is a refundable tax credit program that rewards companies for creating jobs and contributing to the growth of Indiana’s economy. EDGE credits are calculated as a percentage of payroll tax withholding for net new Indiana jobs. EDGE credits may be awarded for a period of up to 10 years. 

Hoosier Business Investment Tax Credit (HBITC)
This program encourages capital investment in Indiana by providing a credit against a company’s Indiana tax liability. The credit amount is based on a company’s qualified capital investment with the final credit amount determined by the Indiana Economic Development Corporation, based on an analysis of the economic benefits of the proposed investment. 
Industrial Development Grant Fund (IDGF)
This grant provides money to local governments for off-site infrastructure projects associated with an expansion of an existing Indiana company or the location of a new facility in Indiana. State funding through the IDGF program must be matched by a combination of local government and company financial support.  
Shovel Ready Program
The Shovel Ready Program was created to help communities certify sites as "ready for development." Shovel Ready is designed to ultimately help companies locate and develop a site quickly. Randolph County is home to one of the only Shovel Ready sites in East Central Indiana: Vision Park in Winchester, IN. Click here for more information.
Skills Enhancement Fund (SEF)
The Skills Enhancement Fund (SEF) provides financial assistance to businesses committed to training their workforce. Trainees must be Indiana residents. SEF reimburses eligible training expenses over a two-year term. Companies may reapply for additional SEF funds after their initial two-year term. IEDC typically does not provide reimbursement for training that is required by law.

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