Business Connect Tool Kit

Financing Assistance

• $5 billion in new loans to Michigan businesses from Fifth Third Bank, with $2.5 billion earmarked for calendar year 2012
• Capitol National Bank will provide business loans to up to 20 companies in a calendar year
• Michigan Commerce Bank will provide business loans to up to 50 companies in a calendar year
• $2 billion ($500 million per year) debt financing from Huntington Bank
• $112 million in additional funding from Export Import Bank (Ex-Im)
• $80 million Michigan Collateral Support and Michigan Loan Participation Programs to generate $800 million in business loans
• $100 million Michigan Economic Development Corporation (MEDC) economic development incentive fund
• $13 million business acceleration/start up fund (over two to three years)
• $100 million second-stage fund – Stage 2 Innovations (though Automation Alley)

Legal Services

• Platcha, Murphy & Associates, a West Michigan-based full-service firm, is donating $125,000 per year for four years in legal services to Michigan businesses. 
• Brooks Kushman PC, intellectual property law attorneys in Michigan and California, will provide pro bono services on an hourly basis to companies with intellectual property needs.
• Loomis, Ewert, Parsley, Davis & Gotting, a full-service law firm based in Lansing, has pledged to provide pro bono legal service to up to 25 companies in a calendar year.
• Young Basile Hanlon & MacFarlane, an intellectual property law firm with offices in Michigan and California, will provide pro bono legal assistance to 50 companies in a calendar year.
• Varnum, LLP, a Michigan-based law firm, is donating $1 million in legal services to targeted state-based start-ups, early stage and growing businesses. Varnum joins Pure Michigan Business Connect to provide free-of-charge legal services associated with starting a business, capital formation, and other legal needs.
• Toering Law Firm PLLC, providing legal advice on corporate services, commercial contracts, and real estate. Toering law firm will give pro bono legal advice for three startup companies per year, up to 8 hours of legal advice per client, totaling $7,200 per year.

Accounting Services

• Kahn & Company, PLC, Certified Public Accountants will provide up to 10 hours of professional services to up to five small business clients on an annual basis.
• The Michigan Association of CPAs (MACPA) will provide key details of Pure Michigan Business Connect to its members as more CPAs becoming interested in assisting companies through this program.

Website Services

• Google, Inc. assisted over 600 Michigan companies this year with free websites and web development services. Similar web-oriented workshop and programs to help Michigan companies develop and improve their Internet presence are planned for 2012.

State of Michigan Programs

• Michigan has reduced business taxes by $1.8 billion and replaced the much reviled MBT with a flat 6% corporate tax (for C-corporations) – 100,000 individual business owners will no longer pay taxes on business income and will pay taxes on their personal income.
• $12 million Entrepreneur Support Services program (over two to three years)
• $3 million export assistance (seeking $3M federal match)
• State of Michigan Contract Connect Program--which enables Michigan-based businesses to compete for state procurement contracts and to participate in state-negotiated rates for products and services through MiDeal

Business-to-Business Connections

• Michigan’s major utilities have pledged to spend more procurement dollars in Michigan with Michigan companies. Both CMS Energy and DTE Energy will each spend an additional $250 million over the next five years. More major companies will soon be announcing similar pledges to spending more procurement dollars in Michigan.
• Michigan companies may register to become part of Pure Michigan Business Connection’s business-to-business network by going here.