Michigan businesses, economic developers and communities now have new tools to spur investment, fuel job growth and support community revitalization.
Pure Michigan: Asset-Based Economic Development
The MEDC and State of Michigan provides significant value to businesses looking to expand or locate their business here, including:
- $175 Million annually in business attraction and economic gardening programs and business assistance through MEDC;
| | - $100 million available for attraction and economic gardening
[13-DEC-11 Press Release from Governor Snyder] - $25 million available for business acceleration
- $25 million available to support the film and digital media industry
- $25 million available to support the Pure Michigan promotion program
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- The Michigan Business Development Program is a new incentive program available to eligible businesses that create qualified new jobs and/or make qualified new investment in Michigan.
- The Michigan Community Revitalization Program is a new incentive program designed to promote community revitalization that will accelerate private investment in areas of historical declining values.
- A Simplified and Competitive Business Tax Structure - The new structure will tax C-Corporations at 6% on federal taxable income apportioned to Michigan.
- Pure Michigan Business Connect - The $3 billion public-private initiative strengthens Michigan’s economic gardening philosophy through an alliance of the Michigan Economic Development Corporation, Michigan companies and other Michigan organizations.
- Talent Enhancement - A suite of services is available to firms that need to find the right people for their business. The MEDC’s Talent Enhancement team works closely with businesses to identify and screen talent, provide HR consulting and training services.
- Cost-Cutting & Ombudsman Services. The MEDC helps companies save money through our Workers’ Compensation Cost Control Service. We also assist companies in finding property for expansions. Our Business Ombudsman Office provides impartial, independent and confidential assistance in resolving disputes and investigating business complaints against state government agencies.
- Federal Contract Assistance. With the growing need for qualified defense contractors, the Michigan Defense Center strategically connects defense industry buyers and prime contractors with Michigan based-companies. In addition, our network of Procurement Technical Assistance Centers assists companies throughout the entire government procurement process from pre-award to post-award. MEDC also tracks federal grant programs and makes companies aware of opportunities and offer letters of support where applicable.
- Strengthening Michigan Companies. In partnership with our strategic service providers, we assist companies in the development of business and marketing plans, in matchmaking with Michigan suppliers, and in connecting companies to the best manufacturing practices and technologies available.
- Financing Assistance. The MEDC works to match company needs with available financing programs. The MEDC can assist companies with a full complement of financing programs – from angel investors and venture capital funds, to accessing SBA financing programs, to credit enhancement and collateral support.
- Patent/Trademark Work. In conjunction with Michigan law firms and our Small Business Technology Development Center network, the MEDC is launching an initiative to make available pro bono services in the IP sectors of patents, trademark and copyright laws.
- Local Incentives. An array of property tax abatement programs is available at the local government level, including PA198 and PA328. Obsolete property redevelopment projects may garner incentives under PA146, PA210, and PA255, as well as PA198.
