The Indiana Economic Development Corp. is launching a $1 million investment fund targeting businesses owned by women, minorities or veterans that have high growth potential.
The IEDC is partnering with the private investment manager Elevate Ventures on the Indiana Diversity Investment Fund. The fund will be a subprogram of the Indiana Angel Network, a seed and early-stage program that’s part of the U.S. Department of Treasury’s State Small Business Credit Initiative.
"Diversity strengthens our state," Gov. Mike Pence said in a statement. "As women, minority and veteran-owned businesses grow, these firms will employ more people in our state. Diversity matters and leads to stronger communities and job creation."
The diversity fund will target Indiana businesses owned and managed by women, minorities and veterans that have annual revenue of less than $3 million in the two most recent fiscal years. Fund managers will seek to invest in companies with sustainable competitive advantages, scalable busuiness models and the potential for meaningful job creation.