Rising interest rates pinch small-business borrowers
The average prime rate, or the rate banks set as a reference for customer loans, was 4%. The prime rate has more than doubled since then, hitting 8.25% in May.
Susan Orr
Articles
Fishers-based AfterSchool HQ lands $3M seed investment
Fishers-based education-tech firm AfterSchool HQ recently landed $3 million in outside investment, bringing the company’s fundraising total to $4.3 million since its launch in late 2017.
Indy-based Luna Language Services acquired by Philadelphia firm
Luna was founded in 2001 Luna Language Services and provides interpreting and translation services to a client base that includes some of Indiana’s largest employers.
2023 Innovation Issue: Indiana is primed to reshape the agbioscience industry
The state’s strength in agriculture, plus partners like Purdue University and AgriNovus Indiana, combine to make Indiana a competitive place for generating and attracting ag-related technology and innovation.
IMS rolling out new tools to help Indianapolis 500 fans navigate crowds
During this weekend’s Indianapolis 500, the Indianapolis Motor Speedway is doing a pilot test of technology to help fans find the concession stands with the shortest lines.
Credit union to take over former downtown barbecue spot
The spot near Monument Circle has been vacant since September 2020. Indiana Members Credit Union expects to open a branch office there this summer.
PNC Bank to close one of its downtown branches
In a letter to customers, PNC said it plans to close the branch in mid-August while leaving its other downtown branch open.
Cummins announces $153M plant acquisition from Faurecia
Cummins plans to acquire two manufacturing sites, one in its hometown of Columbus, Indiana, from France-based Faurecia.
What happened to Infosys’ big plans for Indianapolis?
The India-based tech giant broke ground 4-1/2 years ago on what it said would eventually be a $245 million, 141-acre campus. Today, Infosys appears far from achieving that vision—and it’s unclear when, or if, it ever will.
VeeCon creator sees big potential in NFTs beyond digital art
Marketing guru, public speaker and entrepreneur Gary Vaynerchuk, who is Indianapolis this week for his VeeCon convention, is bullish on NFTs.
Fishers-based Formstack announces significant layoffs
The laid-off employees’ profiles indicate that the cuts spanned multiple departments at Formstack, including marketing, public relations, human resources, customer service, sales and product design.
Tech startup Qualifi lands $4.5M in growth capital
Indianapolis-based Qualifi, which launched in 2019, offers a platform that allows employers to quickly screen groups of job candidates via automated phone interviews.
Smart-mailbox startup rebrands as Arrive, expects to generate revenue soon
The company, which launched in 2019, hasn’t yet started earning revenue but it expects to do so by the end of the year, says founder Dan O’Toole. He said it’s also on track to meet hiring required to earn state incentives.
Indianapolis VC firm Ivy Ventures launches with $20M fund
Local entrepreneur and general partner Scott Kraege co-founded Ivy Ventures with Mike Reynolds, CEO of Indianapolis-based Innovatemap, and John Wortman, CEO and co-founder of Carmel-based Valeo Financial Advisors LLC.
UPDATE: Bill Oesterle, influential leader in politics and business, dies at 57
Oesterle’s long list of accomplishments included co-founding and serving as CEO of Indianapolis-based Angie’s List and persuading Mitch Daniels to run for governor.
Indianapolis ed-tech firm secures $1.45M in state incentives
Ellipsis Education, which formerly operated as Codelicious and currently has 30 employees, plans to hire another 91 people over the next few years. The company, which offers computer science curricula for schools, says school districts’ growing interest in computer classes is fueling its growth.
Purdue, IEDC, Belgian firm partner to advance Indiana’s semiconductor industry
Purdue, the IEDC and Belgium-based Imec announced Wednesday that they have entered into a five-year memorandum of understanding to advance Indiana’s semiconductor industry, with each party providing “significant investment” to the partnership.
Carmel-based KAR to change its name to OpenLane
If the new name sounds familiar, that’s because KAR has been using it for a portion of its business after acquiring a California-based online auction company named OpenLane Inc. in 2011.
Cummins reports record 1Q revenue, raises full-year guidance
Cummins is forecasting revenue to be up 15% to 20% year-over-year, compared with its previous guidance of between 12% to 17%.
New instant payment network could help smaller banks compete with the big guys
With help from a national pilot group that includes three Indiana-based banks, the Federal Reserve will soon launch the service, called FedNow.