PLAINFIELD, Ind.
, Nov. 18, 2024 /PRNewswire/ -- 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 (NYSE: DUK) 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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SOURCE Duke Energy
