Foundations for Duke Energy, Indiana Economic Development Association Commit $150,000 To Improve Community Access to Affordable Child Care

Rhea-AI Summary

Duke Energy Foundation and the Indiana Economic Development Association Foundation are jointly committing $150,000 in grants to improve access to affordable child care in Indiana communities. This follows a previous $100,000 funding round last year. Organizations can apply for grants up to $40,000 by January 31, 2025, with awards announced in March 2025.

The initiative addresses significant economic impacts revealed in an Indiana Chamber of Commerce report, which found that child care shortfalls cost Indiana's economy an estimated $4.22 billion annually, including $1.17 billion in lost tax revenue. Currently, only 61% of children needing care can be served through existing capacity.

Positive

• Initiative addresses a significant economic issue costing Indiana $4.22B annually
• Provides up to $40,000 in grants per organization to address childcare accessibility
• Builds upon previous successful funding round of $100,000

Negative

• Current childcare capacity only serves 61% of children needing care in Indiana
• State faces $1.17B annual loss in tax revenue due to childcare shortfalls

PLAINFIELD, IN / ACCESSWIRE / December 5, 2024 / The Duke Energy Foundation and the Indiana Economic Development Association Foundation are committing $150,000 in grant funding to support organizations and projects focused on improving access to affordable child care in Indiana communities.

The new round of grants follows more than $100,000 in funding awarded through the foundations last year to five organizations in Indiana working to close the child care gap in new and innovative ways.

"Inadequate access to high-quality, affordable child care not only creates significant barriers for parents and caretakers to participate and advance in the workforce, but also costs employers in lost productivity and employee retention," said Erin Schneider, managing director of economic development at Duke Energy. "We know that Indiana's child care challenges are complex and we hope these grant funds will help communities and employers develop solutions needed to support working parents and the state's economy."

State and local government entities, local and regional economic development agencies, and public and private nonprofit organizations are eligible to apply for grants up to $40,000. To be considered, applicants must submit their grant proposal to the Indiana Economic Development Association by Jan. 31, 2025. Awards will be announced in March 2025. For a full description of the grant program, including requirements, eligibility and scoring criteria, visit ieda.org/foundation.

"Hoosier families, businesses and communities all feel the burden of insufficient child care options," said Matt Kavgian, executive director of the Indiana Economic Development Association. "Making sure that working parents have access to affordable, quality child care will have long-term benefits for Indiana's prosperity and economic competitiveness."

The Indiana Chamber of Commerce recently released a report examining the impact of child care challenges on Indiana's economy. The study found that Indiana loses out on an estimated $4.22 billion annually for the state's economy, including a $1.17 billion annual loss in tax revenue, due to shortfalls in child care. According to the report, only 61% of children needing care statewide can be served through existing capacity.

Duke Energy Foundation

The Duke Energy Foundation provides more than $30 million annually in philanthropic support to meet the needs of communities where Duke Energy customers live and work. The Foundation is funded by Duke Energy shareholders.

Indiana Economic Development Association Foundation

Supporting the economic development profession, the Indiana Economic Development Association Foundation provides scholarships and other support to tomorrow's economic development leaders.

Duke Energy: McKenzie Barbknecht
Phone: 800.559.3853
Email: mckenzie.barbknecht@duke-energy.com

IEDA: Matt Kavgian
Email: matt@ieda.org

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Contact Info:
Spokesperson: Duke Energy
Website: https://www.3blmedia.com/profiles/duke-energy
Email: info@3blmedia.com

SOURCE: Duke Energy

View the original press release on accesswire.com

FAQ

How much funding is Duke Energy (DUK) committing to Indiana childcare initiatives in 2025?

Duke Energy Foundation, along with the Indiana Economic Development Association Foundation, is committing $150,000 in grant funding to support organizations improving access to affordable childcare in Indiana.

What is the deadline to apply for Duke Energy's (DUK) Indiana childcare grants?

The deadline to apply for the grants is January 31, 2025, with awards to be announced in March 2025.

What is the maximum grant amount available from Duke Energy's (DUK) Indiana childcare initiative?

Organizations can apply for grants up to $40,000 through this initiative.

How much does Indiana lose annually due to childcare shortfalls according to Duke Energy's (DUK) report?

According to the Indiana Chamber of Commerce report, Indiana loses an estimated $4.22 billion annually, including $1.17 billion in tax revenue, due to childcare shortfalls.