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.
The Michigan Business Development Program is an incentive program available form the Michigan Strategic Fund (MSF), in cooperation with the Michigan Economic Development Corporation (MEDC). The program is designed to provide grants, loans, or other economic assistance to businesses for highly competitive projects in Michigan that create jobs and/or provide investment.
Industrial property tax abatements provide incentives for eligible businesses to make new investments in Michigan. These abatements encourage Michigan manufacturers to build new plants, expand existing plants, renovate aging plants, or add new machinery and equipment. High technology operations are also eligible for the 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.
In an ongoing effort to make the state a more attractive place for businesses to invest and grow, Michigan phased out its Personal Property Tax (PPT) for most businesses beginning in 2014. This reform will substantially reduce compliance and administrative costs for businesses and will be especially attractive to manufacturers who rely on expensive capital investments in tools and other equipment.
Well-educated and highly trained employees are critical to compete in today’s increasingly competitive global market. A skilled workforce can increase your company’s competitive edge through higher productivity and improved morale.
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
The intent of the MBGF–LPP is to participate with lenders to finance expansion and diversification projects when faced with borrowers whose projected cash flows are considered speculative by the lender. The MBGF– LPP will purchase a portion of a loan from the lender and has the option to offer a grace period on the program’s portion of the loan for up to 36 months. MBGF–LPP participation is advantageous to lenders in two ways:
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
MCBRA utilizes Tax Increment Financing (TIF) and Single Business Tax (SBT) incentives for redevelopment of eligible sites. Eligible sites are defined as contaminated, functionally obsolete or blighted.
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.
The Michigan Angel Fund (MAF) is a for-profit pooled professionally managed angel fund. MAF was established by Ann Arbor SPARK and supported by the Michigan Economic Development Corporation to help finance early stage companies in the state of Michigan and to attract additional angel investors to the Michigan entrepreneurial ecosystem.
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
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
The intent of the Michigan Business Growth Fund— Collateral Support Program (MBGF–CSP) is to supply cash collateral accounts to lending institutions to enhance the collateral coverage of borrowers. These accounts will cover all or a portion of a calculated collateral shortfall as described by the lending institution. Borrowers with a collateral shortfall will apply for coverage through the Michigan Economic Development Corporation (MEDC), which provides the administrative services for the program for the Michigan Strategic Fund (MSF). If approved, the MSF will deposit the cash into an interest bearing account with that lender and this account will then be pledged as collateral on behalf of the borrower. Based on an amortization schedule, the MSF will draw down the account as the loan principal is paid. In the event of full default, the lender will have rights to the account less a liquidation fee.
- 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 companies with fewer than 500 employees can now qualify for financial assistance for export-related activities. Launched by the U.S. Small Business Administration, this program is designed to increase the number of Michigan companies that export and introduce current exporters to new foreign markets and buyers.
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.
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