A central Indiana businessman is set to formally enter the race for next year's Republican nomination for governor.

Jim Wallace has scheduled a campaign kickoff event for Tuesday afternoon at the town hall in the northern Indianapolis suburb of Fishers. Wallace is former member of the Hamilton County and Fishers councils and has been attending county Republican Party events across the state in recent months discussing a possible run for the governor's office.

But he is much less known than fellow Republican Mike Pence, the congressman who last week announced his bid to succeed term-limited Gov. Mitch Daniels.

Wallace runs Indianapolis-based TWG Capital, which provides loans to insurance agents.

A West Point and Harvard University graduate, he worked at Anthem Blue Cross & Blue Shield as vice president of strategy in the early 1990s and as chief of staff at Conseco Health in the late 1990s before founding TWG.

Wallace publicly disclosed in Februrary that he was considering a run for governor.