Targeted Initiatives

21st Century Jobs Fund

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:

Also supported are advanced computing or electronic device technology, design, engineering, testing, diagnostics, or product research and development related to any of the four competitive-edge technologies.

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.

The Competitive-Edge Technologies Program will capitalize on the best research and commercialization opportunities in the life sciences, homeland security and defense, alternative energy and advanced automotive, manufacturing and materials fields to foster a robust, entrepreneurial private sector, thereby advancing technology and promoting collaborative partnerships which enhance job growth and diversify Michigan's economy.

Next Steps

To find out more details about this program click here.

Visit www.TheMEDC.org/21CBizPlan for full information on the 2008 21st Century Jobs Fund Business Plan Competition.

Keep checking back for future information on competitions and new opportunities coming from the 21st Century Jobs Fund by signing up for the RSS feed.