Michigan, today, is at a crossroads. Our economy is going through a transformation; the manufacturing industries that once guaranteed high-paying jobs are declining. To reshape our economy the 21st Century Jobs Fund will spark new investment, creating high-tech companies and jobs which will diversify our economy and give new market players the Upper Hand in the state.
The 21st Century Jobs Fund will be used to jump start our economy now and diversify and grow the state's economy in the future by focusing resources in three areas:
Encourage the Development and Commercialization of Competitive-Edge Technologies: The 21st Century Jobs Fund will help diversify and grow our high-tech economy by investing in basic research at our universities and non-profit research institutions, applied research, university technology transfer and the commercialization of products, processes and services. The four competitive-edge technologies are:
Increase Capital Investment Activity: To jump start our economy, the 21st Century Jobs Fund may invest funds in or alongside qualified equity funds, qualified mezzanine funds and qualified venture capital funds that will create or retain jobs in Michigan companies.
Increase Commercial Lending Activity: To stimulate additional lending by financial institutions across the state, the 21st Century Jobs Fund may create commercial loan enhancement programs where a documented growth opportunity has been identified. In addition, the 21st Century Jobs Fund will re-establish the Capital Access Program to assist small businesses.
Business Plan Competition
Visit www.TheMEDC.org/21CBizPlan for full information on the 2008 21st Century Jobs Fund Business Plan Competition.
To view profiles for some of the first round awardees, click here.
Centers of Energy Excellence Program
Senate Bill 1380 / Public Act 175 established a Centers of Energy Excellence (COEE) Program to promote the development, acceleration and sustainability of energy excellence sectors in this state. In 2008, the Michigan Strategic Fund Board awarded $43 million to six Centers of Energy Excellence in the first phase of the program. 2009 Public Act 144 allowed a second phase of the COEE program. Key provisions of the COEE Phase II program include:
The Michigan Strategic Fund (MSF) Board shall not expend more than $30,000,000 of the money appropriated for programs authorized under this chapter from the 21st Century Jobs Trust Fund for the COEE Program.
Grants provided through the COEE Program shall only be awarded to for-profit companies. Participation of at least one qualified business and at least one institution of higher education or a national lab is required to operate a Center of Energy Excellence.
The funds shall be awarded to for-profit companies for all of the following purposes: match for federal funding of up to 50% of the total project cost; supplementing in-kind contributions provided by an entity other than this state; accelerating the commercialization of an innovative energy technology or process that will be ready to market within 3 years of the agreement date; activities of the Center, including, but not limited to, workforce development and technology demonstration.
The COEE Phase II Program was officially launched following the MSF Board meeting on January 27, 2010, as described in the COEE Program Press Release. Also approved at this board meeting was the standard process for evaluating COEE candidate applications and necessary and appropriate information to be included in the form of COEE candidate applications.
Additional details about the program can also be found in the COEE fact sheet.
For further information about the COEE Program, email coee@michigan.org.
Follow-On Fund
Click here for a link to the Follow-on Fund Guidelines and Application document.
Next Steps
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