A public-private collaboration known as the Michigan Economic Development Corporation (MEDC) is the nation’s principal organization for fostering business growth and general industrial expansion. Emerging high-growth businesses in Michigan can benefit from the business aid and entrepreneurship support offered by MEDC.

Community development programs 

To revitalize Michigan’s downtowns and promote cultural restoration, MEDC distributes federal aid. MEDC lessens the effects of expansive improvement and effectively uses technology by promoting a compact combination of activities and a walkable urban structure. This project encourages the creation of economically and environmentally sound places that draw talent and business. MEDC offers two services:

• Technical assistance services
• Incentive services 

Technical assistance services

The transmission, adaption, mobilization, and use of resources, expertise, knowledge, and technology are all considered forms of technical assistance (TA). In essence, it includes all non-financial aid that supports initiatives for capacity building. At MEDC, they are:

Michigan Main street programs 

Communities concerned about reviving and protecting their historic business area might get help from Michigan Main Street (MMS).

Redevelopment Ready Community

Planning for new investments and reinvestments, identifying resources and possibilities, and concentrating scarce resources are all part of this program. This program has a fast process for development clearance and excellent customer service, and it attracts and maintains firms.

Resiliency 

Financial, environmental, and health-related catastrophe recovery is a lengthy procedure that must begin with swift local action. This program examines methods and concepts for catastrophe recovery.

Developer toolkit 

The Builder Toolkit initiative gives accessibility to assets for professional help and property development gap funding for periodic renovation to real estate companies.

Incentive scheme

The planned use of incentives and acknowledgment to encourage desirable behavior from a particular group of people is known as an incentive program. Various incentive programs include:

Revitalization and Placemaking (RAP)

The Michigan Economic Construction Corporation’s (MEDC) Revitalization and Placemaking (RAP) program uses $100 million in American Recovery Project financing to offer accessibility to bridging for the growth of property investment.

Match on the main plan 

Match on Main is a reimbursement grant program that offers up to $25,000 in financing to help new or growing location-based companies. A company recruiting and management tool is made available to qualified communities through this initiative as they work to develop and sustain their local entrepreneurial environment. The goal of Match on Main is to aid locally based companies in their efforts to establish themselves and expand on main street.

Michigan Community Revitalization Program (MCRP)

Through the distribution of incentives, loans, or other forms of financial support for qualified projects situated on sites that are either polluted (facility), neglected, operationally outdated, or historic resources, the program encourages neighborhood revitalization.

Brownfield Tax Increment Financing (TIF)

Projects may apply for compensation from the government and local real estate taxes for qualified non-environmental operations under a Work Plan or Joint Plan that has been authorized by the MSF. The Local Aid Unit or Corporate Development Manager will receive a draught Work Plan for initial review and project scoping.

MSF Brownfield Site Investment plan 

The Brownfield Site Investment Project’s goal is to give local organizations a loan so they can restore brownfield lands for reconstruction. Brownfield redevelopment bodies and any town, county, district, or state served by a regional brownfield agency are eligible candidates.

Transformational Brownfield plans 

A TBP is characterized as a Brownfield Strategy that, among other things, significantly boosts regional economic growth and neighborhood redevelopment while also having a favorable budgetary effect on the development. TBP funding proposals are taken into consideration if no other MSF program support is available to close a funding shortfall.

Brownfield tax credit

The Michigan Brownfield Tax Credit Project is no longer accepting applications for new awards. But, existing awards will still be honored, and if necessary, an adjustment will be taken into consideration if the credit’s term is still within the statutory 10-year limit.

You can get in touch with the organization by calling them at 888.522.0103 or visiting them personally at 300 N. Washington St., Lansing, MI 48913.