The State of Michigan is motivated to provide incentive opportunities to build a strong economic foundation statewide. The Chamber is your resource for up-to-date information about these incentive opportunities.
MI Business Development Program
Michigan Industrial Property Tax Abatement
High-technology activity is defined in the Michigan Economic Growth Authority (MEGA) Act as: advanced computing, advanced materials, biotechnology, electronic device technology, engineering or laboratory testing related to product research and development and advanced vehicles technology or technology that assists in the assessment or prevention of threats or damage to human health or the environment. Abatements under PA 198 can significantly reduce property taxes on new investment for eligible firms.
Michigan Personal Property Tax Reform
New Jobs Training Fund
If your company is moving to or expanding in Michigan, you can receive financial assistance for the customized training of your new employees through the Michigan New Jobs Training Program. This unique economic incentive allows for businesses to partner with one of the state’s 28 community colleges, to develop a training program that produces the highly trained employees that can increase your competitive edge.
Adriana Nichols, Ph.D, email@example.com
Lansing, Michigan 48933
Michigan Growth Fund Loan Participation
1) It limits the project exposure of lenders; and
2) It offers borrowers “free cash flow” during the grace period allowing full coverage on the lender’s portion of the loan. This will enable suppliers to acquire the needed financing to expand and diversify into new growth industries.
- To qualify, a business must be engaged with a private lender for the purpose of acquiring a commercial extension of commercial credit for a diversification or expansion project.
- Borrower must have no more than 750 employees, and otherwise comply with all state and federal requirements for the program.
Contact MEDC: firstname.lastname@example.org
Mason County Brownfield Development Authority
For further information, contact the County Administrator at 843-7999.
Seeking start-up capital or funding for expansion? MCGA has assembled funding resources to meet the needs of businesses of all sizes with a full range of financial needs.
Michigan Angel Investor Program
MAF looks for seed-stage and early-stage companies that have sales revenue or are near revenue. They are looking to invest in entrepreneurial teams with big ideas and a need for capital to turn their ideas into great companies.
Generally they are looking for companies that meet the following the characteristics:
- Sectors: IT, cleantech, advance manufacturing, life science (not gaming or real estate related ventures)
- Funding: Seeking seed or early investments from $100,000 to $1,000,000
- Geography: Michigan
- Business model: Requiring less than $3,000,000 to reach break-even or sustainability
Skip Simms at email@example.com
Momentum Business Plan Competition
If you have successfully completed your business planning stage and are looking for innovative ways to fund your business idea, Momentum may be exactly what you are looking for. The Momentum Business Plan Competition is a new contest that will award one business entrepreneur a prize of $50,000 to start or move an early stage business to Mason County. It’s an incredible opportunity for a new business.
Administered by the Ludington & Scottville Chamber of Commerce, the Momentum Business Plan Competition is open to any eligible independent for-profit or non-profit venture with a viable business idea, plan or invention; or an existing organization or company with less than $250,000 in sales or revenue annually. In addition to providing financial resources, the program offers the winner access to business mentors from Ludington SCORE and the board of directors to expedite the startup phase and increase the likelihood of success.
Eligible contestants can upload a business plan to momentumstartup.org. The Momentum Business Plan Competition board will evaluate submitted business plans and select five finalists to pitch their ideas in person before a panel of judges and public audience.
Ludington & Scottville Chamber of Commerce
5300 W. US 10, Ludington, MI 49431
Michigan Business Growth Fund Collateral Support Program
- To qualify, a business must be engaged with a private lender for the purpose of acquiring a commercial extension of commercial credit and must exhibit a collateral shortfall according to the lender’s analysis
- Borrower must have no more than 750 employees, and otherwise comply with all state and federal requirements for the program
Contact MEDC: firstname.lastname@example.org
Michigan State trade Export Program (MI-STEP)
Direct reimbursements to qualified small and medium-size export (SME) companies may be available to develop or expand export-related activities through cost reimbursement of 50 percent of allowable export-related activities. Eligible companies may qualify for up to $25,000 in assistance to enhance their ability to launch or grow export operations in Michigan.
Approved funds may support (but are not limited to) the following activities:
Overseas trade mission participation
Overseas trade show participation
Foreign market sales trip
Subscription to U.S. Department of Commerce services
Foreign language translation services for export marketing materials and web site assets
Eligibility: Michigan companies with fewer than 500 employees that meet the eligibiity requirements.
Michigan Emerging Technologies Fund (ETF)
The Michigan Emerging Technologies Fund (ETF) expands funding opportunities for Michigan technology companies in federal research and development by providing matching dollars to support commercialization of Small Business Innovation Research/Small Business Technology Transfer (SBIR/STTR) projects.
Four Technology Sectors
• Life Sciences
• Homeland Security and Defense
• Advance Automotive, Manufacturing and Materials
• Alternative Energy