The village of Merrill is engaged with MEDCsRedevelopment Ready Communities program. Michigan Department of Labor & Economic Opportunity Audit Period: October 1, 2018 through September 30, 2019. We are thrilled to support this fund as part of Ballmer Groups commitment to working with government, nonprofit, and business partners to help strengthen our communities.. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. BAF services expanded for early stage tech companies in response to COVID-19 (effective April 6, 2020). Creating Impactful Solutions For Our Loan Products Mortgages Small Business Loans Real Estate Development Loans The Justice Fund 20230315. The project is expected to generate a total capital investment of $38.7 million, and when the facility is fully leased, it is expected to have the potential to support efforts that could employ up to 300 full-time equivalent office and R&D jobs. The project is expected to generate a total capital investment of $18.1 million and create 390 jobs, supported by a $2 million Michigan Business Development Program performance-based grant. To build a strong economy, we need to make sure that every Michigander can be part of our state's economic momentum. LANSING, Mich. Governor Gretchen Whitmer joined the Michigan Economic Development Corporation today in announcing Michigan Strategic Fund approval of a wide range of projects, including support for Fords transformational Michigan Central Innovation District, an initiative aimed at increasing high-speed internet access across Michigan, business expansions including a new joint venture between Magna and LAN Manufacturing that will bring 390 jobs to Detroit, and other actions that will continue strengthening Michigans economy. Apply for Aid. Three business expansion projects will bring growth, job opportunities to Southeast Michigan LM Manufacturing is a joint venture between auto supplier Magna and LAN Manufacturing Group, LLC. TheWBLOMScannot be accessed using Microsoft Internet Explorer). For Pure Michigan tourism information, your trip begins atwww.michigan.org. Both the townships of Plymouth and Northville are engaged with MEDCs Redevelopment Ready Communities program. Pie chart showing the percentage of companies receiving Going PRO Talent Fund awards based on the size of the companies. Demonstrate financial stability and capacity to manage additional funds. We are committed to building a brighter future for Michigan by removing barriers to economic prosperity and ensuring residents can thrive.. Google is also joining Ford as a Founding Member of the district, where it will leverage the assets of the district to collaborate on new products and services that will define the future of mobility. The Business Accelerator Fund (BAF) is available to participating business accelerators in Michigans statewideSmartZonenetwork. What Are The Major Economic Challenges That Opportunity Proposals Should Address? Whitmer Announces 100 High-Wage Jobs with Eaton in Marshall, Southfield, and Canton Township, DESign USA to bring US Headquarters, 45 New Jobs to New Hudson. The Michigan Economic Opportunity Fund will lend to individuals who don't qualify for traditional loans through banks or other financial institutions. Typical investments will likely be between $50,000 to $100,000, which is generally enough to extend a companys runway time by 3-5 months. CDFIs play a vital role in ensuring that low-cost capital is available to more communities and individuals such as entrepreneurs of color and women who have been locked out of traditional capital markets. menuItem.title : menuItem.label }}, certified community development financial institution, empower small businesses to access capital, New Investments Position Michigan to Lead Outdoor Experience and Recreational Vehicle Innovation, Gov. Women, veterans and all entrepreneurs of color can apply for Michigan Economic Opportunity Fund loans by visiting www.miwf.org. The project contributes to the MEDCs ongoing efforts to strengthen Michigans leadership in automotive manufacturing. Phone: 313.962.1920 BY Mark Sanchez Monday, November 14, 2022 04:04pm GRAND RAPIDS The $100 million private equity fund created to invest in Michigan-based companies has completed its fundraising and now turns its attention to deploying the capital over the next few years. The Michigan Economic Opportunity Fund will be managed byMichigan Women Forward, a certified community development financial institution (CDFI)by processing applications that come through its website, along with referrals made by its banking institution partners. The ALICE population, a measuring of working poverty, increased by 258K to over 1M households from 2007-2019. Applications for the second cycle of the Fiscal Year 2023 Going PRO Talent Fund awards closed onWednesday, May 24, 2023. The COVID-19 pandemic exposed that access to high-speed internet connectivity is lacking in many parts of the state especially for Michigans most vulnerable populations, who need access to telework opportunities, telehealth services, and online education opportunities now more than ever. An additional $2 million from other private funders will be announced later in 2023. Public Interest $10M microloan program launches for Michigan women, entrepreneurs of color Updated: Mar. MEDC Helps Launch $10 Million Microloan Fund for Women, Veterans and Entrepreneurs of Color, {{menuItem.title ? If youre interested in a career that allows you to make a difference, check out the state of Michigan career portal for a list of current openings in state government. In less than 12 months, the program has already placed 159 interns into positions with high-tech companies across the state. The funding comes as part of the federal governments SSBCI 2.0 program, for which Michigan received its first round of funding inAugust 2022. Detroit, MI 48207 "This funding will build a sustainable business, generate wealth for that individual and ultimately, impact the state's economy and create jobs in the communities in which we live." . As the managing organization, MWF will have more flexibility with lending to entrepreneurs than traditional financial institutions allowing microbusinesses the same opportunity as larger companies. The Michigan Emerging Technologies Fund (ETF) is designed to expand funding opportunities for Michigan technology-based companies in the federal innovation research and development arena by providing match dollars (of up to $25,000 for Phase I and up to $125,000 for Phase II) to eligible Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) proposals. Support for certain very small non-tech companies involved in manufacture or distribution of personal protective equipment and critical medical supplies. Appropriation: Authority to expend funds. The Michigan Opportunity Fund is all about helping Michigan-based businesses thrive and grow, Doug DeVos, co-chairman of Ada-based Amway Corp., said in a statement to MiBiz. The organization will have more flexibility in allowing microbusinesses the same opportunity as larger companies. Individuals are able to apply for up to $50,000 in loans through this program and can apply by visiting www.miwf.org. For more information on the MEDC and our initiatives, visitwww.MichiganBusiness.org. Launch partner, Huntington National Bank, will provide an additional pool of applicants through its Lift Local Business program that supports minority-, women- and veteran-owned small businesses. The Michigan Economic Opportunity Fund is a $10 million microbusiness loan program for women, veterans and entrepreneurs of color who dont qualify for traditional loans through banks or other financial institutions. The program is designed to incentivize patient capital investments in low-income communities nationwide that have been cut off from capital and experienced a lack of business growth. The Michigan Economic Opportunity Fund includes a $1.5 million investment from Huntington National Bank, grant support from Ballmer Group of $1.5 million and a $1.5 million million State Small Business Credit Initiative (SSBCI) loan participation, in addition to a $1 million grant from MEDC. I think the world were operating in today not only has overall economic uncertainty, but the rising interest rate environment. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. By taking a truly Team Michigan approach, this new fund will facilitate more risk-takers across the state in acquiring access to the capital and support they need to be successful and build a future right here in Michigan. The project will transform an underutilized property into functional, available space critical for ongoing business attraction and expansion efforts in the region. All applicants mustsubmit an applicationform, demographic information, personal financial statements, business plan with projections and other supporting documentation for consideration. More details on this initiative will be provided later this week. The program, called the Michigan Economic Opportunity Fund, holds a pool of $10 million managed by Michigan Women Forward, a nonprofit organization that recently became a community development. MWF will manage the Michigan Economic Opportunity Fund by processing applications that come through its website, along with referrals made by its banking institution partners. When completed, the development will consist of 17 market-rate residential rental units, 11 of which will be ADA compliant, and a parking garage. Twitter: @masanche, Jeff Helminski, left, managing partner at Auxo Investment Partners; Doug DeVos, right, co-chair of Amway Corp. (COURTESY PHOTOS), SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGANS FINEST BUSINESS NEWS REPORTING, Major health systems dropping mask mandates in momentous shift of pandemic policy, Michigan organizations receive $34.3M in federal funds to lend in low- and moderate-income communities, Access to credit may tighten, but Michigan banks maintain strong health, Survey finds 39% of Michigan hospital nurses want to quit within a year, Michigan health insurers keeping preventative care coverage despite Texas court ruling, Michigan venture capital investment activity falls 25% in first quarter, Hagerty specialty auto insurer trims 83 more jobs to cut costs, Venture capital-backed startups face tighter credit, but not the end of the world. Opportunity Zones are a new concept recently enacted in the 2017 Tax Cuts and Jobs Act. The Michigan Economic Development Corporation is the states marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigans economy. Be compliant with state and federal regulatory bodies including the IRS, Michigan Department of Licensing and Regulatory Affairs (LARA), and Michigan Attorney General. 186-0406-23. Training funded by the Talent Fund must be short-term and fill a demonstrated talent need experienced by the employer. Inspired by her family, shes devoted her life to building a stronger Michigan for everyone. The building will be constructed by Hillside Ridge Road Holdings East, LLC while the MITC is overseeing infrastructure improvements as part of a larger development area. Talent Fund Key Contact (see map below) early to allow ample time for the fact finding process to ensure applications are completed in time for review. Entrepreneurs will be able to apply for up to $50,000 in loans through this program. Providing access to capital for small businesses that impact the economy in our communities is important to Huntington. For more information on the MEDC and our initiatives, visitwww.MichiganBusiness.org. Detroit business owner Joyell Lewis on Thursday applauded the launch of the new $10 million Michigan Economic Opportunity Fund (MEOF), a microbusiness loan program for women and entrepreneurs of color in Michigan, led by Michigan Women Forward (MWF). Department of Labor and Economic Opportunity (LEO) provides the connections, expertise and innovative solutions to drive continued business growth, build vibrant communities, create affordable housing, generate tourism and attract and retain key talent to fill Michigans vast pipeline of opportunities. The initial funding for the program is supported by: 1155 Brewery Park Blvd. Department of Labor and Economic Opportunity (LEO) provides the connections, expertise and innovative solutions to drive continued business growth, build vibrant communities, create affordable housing, generate tourism and attract and retain key talent to fill Michigan's vast pipeline of opportunities. The Auxo Michigan Opportunity Fund I will make majority equity investments in businesses and consider minority positions with the right opportunity, Helminski said. An appropriation is not a mandate to spend. Boards, Commissions & Councils collapsed link, Michigan Economic Development Corporation, Michigan Occupational Safety and Health Administration, Michigan State Housing Development Authority, Commission on Middle Eastern American Affairs, Michigan Asian Pacific American Affairs Commission, Michigan Council for Rehabilitation Services, MiSTEM Advisory Council and MiSTEM Network, Workers' Disability Compensation Appeals Commission, Applications for the second cycle of the Fiscal Year 2023 Going PRO Talent Fund awards closed on. Suite 350 We are proud to work with Michigan Women Forward, the Michigan Economic Development Corporation, and the Ballmer Group to bring this new lending solution to fruition.. Fax: 616.765.4228, Lets Get your Financials in Order Early Childhood Education, Womens Entrepreneurial Initiative Funders, Sign Up to Receive MWF Updates and Announcements. Interested employers should contact their local Michigan Works! Insurance Agency, Department of Labor and Economic Opportunity, Unemployment Administration Fund (Report No. The ETF is administered by the SBDC. CDFIs and small business lenders seeking support through the loan guarantee support may also contact MEDC Capital Access. When it comes to advancing military defense systems, Michigan ranks high above the rest. Since forming early last year, the fund made two early investments as fundraising continued: an August 2021 deal for Altus Industries Inc., a Walker-based designer and producer of workstations for the health care industry; and a February investment in Securit Metal Products Co., a 70-year-old company based in Dowagiac that makes rivets used in industries such as automotive, heavy transportation, construction and agriculture. MWA Business Services staff conduct fact-finding sessions with employers to assess their talent skill gaps, suitable training providers, and availability of federal funding sources. She is a lawyer, an educator, former prosecutor, State Representative and Senator. MWF was founded in 1986 by 20 extraordinary visionaries who conceived of an organization that would encourage women to play an active role in philanthropy and governance. Whitmer's MI New Economy plan that set a goal of lifting 100,000 families out of working poverty during the next five years. {{menuItem.title ? Go to Bureau of Services for Blind Persons, Go to Michigan Career & Technical Institute, Go to Michigan Economic Development Corporation, Go to Michigan High-Speed Internet Office, Go to Michigan Occupational Safety and Health Administration, Go to Michigan State Housing Development Authority, Go to Office of Mobility and Electrification, Requests for Proposals and Qualifications, Go to Workers' Disability Compensation Agency, Go to Michigan Employment Relations Commission, Go to Commission on Middle Eastern American Affairs, Go to Hispanic/Latino Commission of Michigan, Go to Michigan Asian Pacific American Affairs Commission, Go to Michigan Community Service Commission, Go to Michigan Council on Future Mobility, Go to Michigan Council for Rehabilitation Services, Go to Michigan Workforce Development Board, Go to MiSTEM Advisory Council and MiSTEM Network, Go to Unemployment Insurance Appeals Commission, Financial Hardship Restitution Waiver Criteria Sec 62aii Under Full Commission Review, Go to Workers' Disability Compensation Appeals Commission. MEDC Communications Thursday, March 16, 2023 Lt. Last year, the nonprofit organization provided 88 loans for $2.456 million invested in primarily women-owned businesses. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 1. 000-0100-20U) covering the audit period October 1, 2018 . We are excited about this opportunity with LM Manufacturing as we continue supporting Ford on some of their high-volume vehicle programs, said Magna Seating President John Wyskiel. The DeVoses Continuum Ventures LLC partnered last year with Grand Rapids-based private equity firm Auxo Investment Partners to form Auxo Michigan Opportunity Fund I. Womens Entrepreneurship programs, mentorship opportunities and investments break barriers and open doors for MI female entrepreneurs. The Michigan Economic Opportunity Fund will provide opportunities for those who are socially and economically disadvantaged due to a lack of access to capital and credit, as well as boost the economy throughout Michigan. For more information on the MEDC and our initiatives, visitwww.MichiganBusiness.org. About Michigan Development Economic Corporation (MEDC). To share an opinion with the Governors office or to request assistance with matters pertaining to state government, please follow the link below. MEDC helps to create vibrant and sustainable places to live, work and play by providing economic development services and programs to Michigan communities. Young Women Leader camps teach middle and high schoolers they are part of an Unstoppable Generation of Girls, preparing them for academic and career success. The $3 million Tech Startup Stabilization Fund supports early-stage tech startups in Michigan that are being impacted by the COVID-19 outbreak. The Michigan Legislature passed legislation in October 2021 to create the Student Opportunity Scholarship Program, which would give thousands of families across the state more spending power to help meet their children's educational needs. The fund is administered by ID Ventures in Detroit. Founded in 1866, The Huntington National Bank and its affiliates provides customers, small and middle-market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. "The Michigan Economic Opportunity Fund will change the trajectory of a Michigan small business owner, said Carolyn Cassin, president and CEO of MWF. An additional $15 million in grants will be available to larger nonprofits later this year. Learn more atwww.ballmergroup.org. Financial Report for the Fiscal Year Ended September 30, 2022. We are proud to work with Michigan Women Forward, the Michigan Economic Development Corporation, and the Ballmer Group to bring this new lending solution to fruition.. Average Award Amount: $36,149 Average Training Cost Per Person: $1,198 Data is accurate as of February 15, 2023. Funding amounts may be awarded for approved applicants through the fund in the range of $100K to $250K. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. We greatly appreciate the support of the Michigan Strategic Fund and the Michigan Economic Development Corporation, said Saginaw Future President JoAnn Crary. Grand Rapids, MI 49546 Between January 2017 and September 2021, the MTRAC Ag Bio Innovation Hub has helped form six startups and funded 67 projects leading to more than $91 million in follow-on funding. The company is a global supplier of fully integrated drivetrain and electrified propulsion systems for all passenger vehicles, serving primarily automotive OEMs that manufacture light vehicles, off-highway vehicles and commercial vehicles. Last year, the nonprofit organization provided 88 loans for $2.456 million invested in primarily women-owned businesses. Our loans provide equitable access to capital needed to allow individuals to realize the dream of homeownership, create and expand small businesses, and create new affordable housing, across Michigan. BAF is administered by the SBDC. An additional $2 million from other private funders will be announced later in 2023. The grant will have a three . This project is being supported, in whole or in part, by federal award number SLFRF4948 awarded to the Michigan Department of Labor and Economic Opportunity by the U.S. Department of the Treasury. Department of Labor and Economic Opportunity (LEO) provides the connections, expertise and innovative solutions to drive continued business growth, build vibrant communities, create affordable housing, generate tourism and attract and retain key talent to fill Michigans vast pipeline of opportunities. The Michigan Economic Opportunity Fund will lend to individuals who don't qualify for traditional loans through banks or other financial institutions. An appropriation is not a mandate to spend. Recipients are required to provide an IRS letter of determination of nonprofit status. The new Microloan Program: Michigan Economic Opportunity Fund has launched statewide with funding of $10 million dedicated to providing loans up to $50,000 to women and entrepreneurs of color who dont qualify for traditional loans through banks or other financial institutions. The company will provide manufacturing, assembly, sequencing, supply chain and logistics management for complete seat assemblies and other modular assemblies for the auto and related industries. Must have been in operation prior to January 1, 2019, A pre-bid webinar to provide an overview of the grant opportunity was held on Wednesday, May 24, at 1 p.m. Watch the, A pre-bid webinar to provide an overview of utilizing EGrAMS grant management system was held on Wed., May 31, at 1 p.m. Watch the. The fund targets investments to Michigan-based companies that are seeking an ownership transition or looking to grow that are involved in manufacturing, business services, distribution, health care, technology, food and beverage, and consumer products. Helminski expects the fund to deploy all of its capital over two to four years, investing in eight to 12 companies. These funds are used toward the delivery of highly specialized services to their clients that are not otherwise available from these business accelerators. Please click here to accessthe Work-Based Learning Online Management System (WBLOMS): It is highly recommended that applicants review the Request for Proposalsprior to completing the application. Join the conversation on:Facebook Instagram LinkedIn, and Twitter. Downtown Growth with Match on Main Governor Whitmers office is available to assist Michiganders with matters pertaining to a state government department and agencies. No other state in the nation provides the breadth and depth of entrepreneurial support to early-stage and emerging high-tech companies like Michigan. Business Incubator Program/Gateway Representative Since 2009, the Michigan Strategic Fund has provided funding to business incubators in Michigan to stimulate the creation and continued growth of technology-based businesses and jobs. Lenders interested in supporting borrowers through the collateral support and loan participation program may contact MEDC Capital Access at businessloans@michigan.org. Even if you have not applied for admission yet, we strongly encourage you to apply for financial aid before being accepted or enrolling at U-M. The Michigan Strategic Fund today approved a Michigan Community Revitalization Program performance-based loan participation of $1.9 million. Connecting Businesses with Capital Providers, Capital Access Program Information for Small Businesses, Capital Access Program Information for Lenders. Women and entrepreneurs of color can apply forMichigan Economic Opportunity Fundloans by visitingwww.miwf.org. Gilchrist Joins Public, Private Partners to Launch New $10 Million Microloan Fund for Women, Veterans,and Entrepreneurs of Color. BAF funds are awarded to accelerators through a competitive review process. Appropriation: Authority to expend funds. In 1817, the Ojibwe, Odawa, and Bodewadami Nations made the largest single land transfer to the University of Michigan. "The Michigan Economic Opportunity Fund will change the trajectory of a Michigan small business owner," Carolyn Cassin, president and CEO of MWF said. The fund will provide opportunities for those who are socially and economically disadvantaged due to a lack of access to capital and credit, as well as boost the economy throughout Michigan, including cities with low-income populationsincludingbut not limited toFlint, Grand Rapids, Jackson, Kalamazoo, Lansing, Midland, Pontiac, Saginaw,andYpsilanti. Funding for broadband project will help increase access to high-speed internet for all Michiganders The Michigan Strategic Fund today approved up to $5.2 million from federal Community Development Block Grant (CDBG) Coronavirus Aid, Relief and Economic Security (CARES) funds to Connected Nation Michigan for the Broadband Infrastructure Audit and Validation project. Financial Audit Report for the Fiscal Year Ending September 30, 2022. Impact Grant applicants must meet the following criteria to be eligible: Applications will be accepted until June 26, at noon. Boards, Commissions & Councils collapsed link, Michigan Economic Development Corporation, Michigan Occupational Safety and Health Administration, Michigan State Housing Development Authority, Commission on Middle Eastern American Affairs, Michigan Asian Pacific American Affairs Commission, Michigan Council for Rehabilitation Services, MiSTEM Advisory Council and MiSTEM Network, Workers' Disability Compensation Appeals Commission, Go to Bureau of Services for Blind Persons, Go to Michigan Career & Technical Institute, Go to Michigan Economic Development Corporation, Go to Michigan High-Speed Internet Office, Go to Michigan Occupational Safety and Health Administration, Go to Michigan State Housing Development Authority, Go to Office of Mobility and Electrification, Requests for Proposals and Qualifications, Go to Workers' Disability Compensation Agency, Go to Michigan Employment Relations Commission, Go to Commission on Middle Eastern American Affairs, Go to Hispanic/Latino Commission of Michigan, Go to Michigan Asian Pacific American Affairs Commission, Go to Michigan Community Service Commission, Go to Michigan Council on Future Mobility, Go to Michigan Council for Rehabilitation Services, Go to Michigan Workforce Development Board, Go to MiSTEM Advisory Council and MiSTEM Network, Go to Unemployment Insurance Appeals Commission, Financial Hardship Restitution Waiver Criteria Sec 62aii Under Full Commission Review, Go to Workers' Disability Compensation Appeals Commission, MI Impact Grant Informational webinar recording, View MI Impact Grant Frequently Asked Questions, MI Impact Grant: Overview of EGrAMS Grant Application System webinar recording. 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