Photo courtesy of Michigan Technological University
The Michigan Strategic Fund today approved updated incentive tools and changes to two current Michigan Economic Development Corporation incentive programs that will bolster the state’s business attraction efforts and provide additional opportunities for Michigan businesses and communities to thrive and grow.
“Jobs Ready Michigan allows us to address the talent needs of companies looking to expand in the state in a targeted and impactful way as part of an overall attraction effort,” said Gov. Gretchen Whitmer. “As we continue our efforts to train up our state’s workforce, Jobs Ready Michigan will better allow us to adapt to changing industry demands and prepare our workforce with the skills they need to compete for the jobs of the future. Today’s actions also highlight a commitment to assisting smaller communities and projects in targeted industries, opening up the door for more job growth and economic vitality throughout our state.”
Two new opportunities to support business growth and promote opportunities in Michigan fall under the existing Michigan Business Development Program (MBDP), which provides grants, loans or other economic assistance for highly competitive projects in Michigan that create jobs and/or provide investment.
- The Jobs Ready Michigan Program is designed to provide grants for business expansion and/or location projects that lead to job creation and/or investments in Michigan, particularly pursuing new opportunities for high-tech, high-demand and high-wage jobs. MSF is requesting one-time funding of $10 million for the Job Ready Michigan Program. In addressing this gap in the state's business attraction efforts, the program will demonstrate the effectiveness of offering such a program moving forward.
- The Micro MBDP (MMBDP) promotes business growth especially in rural areas or areas with high unemployment. The MMBDP will provide grants, loans and other economic assistance to businesses that have fewer job creation numbers than required by the original MBDP guidelines. The current MBDP guidelines were also amended to include an expanded definition of qualified new jobs. These alterations will improve program flexibility, reaching more communities.
Benton Harbor, Michigan
The Michigan Community Revitalization Program (MCRP) provides grants, loans or other economic assistance specifically for programs that contribute to Michigan's reinvention as a job-generating state through revitalization and redevelopment. MSF approved MCRP guideline changes allowing qualified projects located in communities with a population of 15,000 or less to receive a need-based MCRP award of up to 50 percent of the project's eligible investment. These new guidelines will encourage additional job growth in smaller communities, bringing more residents and businesses to these small towns.
Today's announcement builds on MEDC’s other business attraction tools, further bolstering the message that Michigan is the optimum place for companies to locate and grow. The goal of the program is to add to Michigan’s inventory of high-quality, readily available space for growing companies. To learn more, visit here.