Versailles Business Awarded Manufacturing Readiness Grants

Hoosier businesses plan investments to modernize manufacturing operations, increase health care production to support ongoing COVID-19 response efforts

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(Indianapolis, Ind.) – A local manufacturing business has received a grant from the Indiana Economic Development Corporation.

In May, Governor Holcomb announced nearly $2 million in grants have been awarded to 20 Indiana businesses in Manufacturing Readiness Grants.

Beverly Industrial Services Inc. in Versailles received a $10,000 grant from IEDC. Beverly Industrial Services specializes in tool making, machining, and engineering in the metal-working field. Beverly Industrial Services will be using these funds to update equipment to manufacture knives, spacers, and tooling for the slitting industry, including medical, automotive, aerospace, and textile.

“The response we received from Indiana businesses to the Manufacturing Readiness Grant program was incredible, as manufacturers across the state have been enduring the pandemic and are moving forward with positive momentum despite shared challenges,” said Indiana Secretary of Commerce Jim Schellinger. “We couldn’t be more grateful to these companies for contributing to Indiana’s bright economic future.”

The Indiana Manufacturing Readiness grant program made $4 million available in the form of matching grants up to or equal to the amount of qualified investment in new equipment and machinery (minimum 1:1 investment match).

The program has received significant interest since it was announced in May, with additional grant applications are currently under review. If approved, these applications would exceed the allocated program funding, Conexus, with the input of peer review panel, will continue to assess applications and make funding recommendations to the IEDC, which will fund select applications if and when additional funding becomes available.

Eligibility requirements and the grant application are available online.