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. Key provisions include:
The Michigan Strategic Fund (MSF) Board shall not expend more than $45,000,000 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 is required to operate a Center of Energy Excellence.
The funds can be used for one of the following purposes: match for foundation funding, federal funding or international investments up to 50% of the total project cost; 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 Program was officially launched following the MSF Board meeting on August 27, 2008, 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.
AS OF NOVEMBER 25, 2008, THE CENTERS OF ENERGY EXCELLENCE PROGRAM IS CLOSED AND APPLICATIONS ARE NOT BEING ACCEPTED AS THE FUNDS FOR THIS FISCAL YEAR HAVE BEEN FULLY ALLOCATED. ANNOUNCEMENTS ON POTENTIAL FUTURE FUNDING AVAILABILITY WILL BE MADE ON THIS WEB PAGE, SO PLEASE CONTINUE TO CHECK BACK OFTEN.
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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