Henry County was supporting local small business owners years before Gov. Mike Braun created the new Office of Entrepreneurship and Innovation.
Corey Murphy, president and CEO of the New Castle-Henry County Economic Development Corporation (EDC), reminded city leaders this month that the EDC has a strong partnership with the Indiana Small Business Development Center (SBDC).
The East Central Indiana SBDC, which is based out of Ball State University, has an office in downtown New Castle.
“You can access those services at no cost because we tithe into that organization through our budget,” Murphy told the New Castle City Council during their July 7 meeting. “That no-cost, confidential business advising to entrepreneurs (and) small businesses. It’s available.”
The New Castle-Henry County EDC also sponsored the 2025 Business Builders program in which East Central Indiana SBDC staff helped local business owners develop and refine their business ideas and plans.
Murphy said the EDC and SBDC are planning a fall education series focused on small business operations and entrepreneurship.
The EDC also offers revolving Enterprise Loan Fund (ELF) to local small businesses.
“We have loaned over $600,000 to 26 different businesses all across Henry County since it was created about 13 years ago,” Murphy said. “I’m pleased that the governor is talking about entrepreneurship and Main Street businesses. I hope that the General Assembly will give us more tools to help those businesses.”
Residential project update
Murphy also gave the council an update July 7 about a new housing development in the area called Ashbury Fields.
“We are making a huge push on residential development in this county and city,” Murphy said. “I’m pleased to do so, and it’s something our community needs.”
“When I talk to realtors, they say ‘We need product.’ I say ‘Hang on. It’s coming,’” Murphy told the city council.
BCT Properties is planning a neighborhood near County Road 200 North and Ind. 3. Although the proposed additions is outside of city limits, it is on city sewer and water; the City of New Castle provides city utilities to the nearby New Castle Correctional Facility and the Henry County Detention Center.
The developers applied for – but did not receive – state funding through the Regional Economic Acceleration Development Initiative (READI).
“The public infrastructure on that was funded through the Indiana Finance Authority, the Residential Infrastructure Fund. They served as the bank, and they bought the bonds,” Murphy said.
The bonds have a 3.15 percent interest rate and were issued through Henry County. They are payable through taxes generated through the new homes and, if those are insufficient, from the private developer.
Murphy said no other public funds are at risk in the project.
“The debt collector can’t come to the county and ask for the debt service,” he said. “The risk is on the developer.”
The project is still moving forward with builder Hallmark Homes.
Murphy said the plan is 65 homes over the next four years. The homes will have a target price point from $250,000 to $325,000.
Airport update
Murphy also sits on the New Castle Aviation Board and provided an airport update this month.
The aviation board is currently upgrading the airport’s septic system and restriping the runway, using local funds. The airport receives about $130,000 each year from the city’s aviation fund.
For larger projects, the airport looks to partnerships with the state and federal governments.
Murphy said most capital projects at the New Castle Airport are cost-shared, with the Federal Aviation Administration (FAA) covering 90 percent, Indiana Department of Transportation (INDOT) covering 5 percent and local governments covering the remaining 5 percent.
“Sometimes, when Washington (D.C.) is in a good mood, we get 95 percent, 2.5 percent from the state and 2.5 percent from local,” Murphy said. “It is a good return on investment.”
One such project – the expanded runway – was opened and dedicated in 2018.
Murphy explained that the New Castle Airport is unique in Indiana because it has been a private-public airport between the local governments and the Marlatt family.
The New Castle Aviation Board is preparing to purchase the main terminal building, the hangars, the fuel building, the onsite IU Health LifeLine building and surrounding vacant land.
“This represents a substantial, kind of, buyout,” Murphy told the city council. “It has been the interests of the (aviation) board and the FAA for a public entity to own all the assets out there.”
Murphy said the FAA is planning to contribute 95 percent of the cost for the current land acquisition project.
“This is an engine for economic development,” Murphy said. “We have a thriving airport, and we’re excited about the future.”
– Story by Travis Weik (Editor@TheCourierTimes.com) of The Courier-Times. Read more local stories at TheCourierTimes.com.