Why Greater Grand Rapids
Financing & Incentives
Access to capital is one of the primary concerns for any growing business. In addition to venture capital, grants, and incentives, Michigan offers a number of business loan programs and financing options to meet your needs.
Brownfield Redevelopment Authority (PA 381)
Brownfield Redevelopment Authority (BRA) can be used to develop and implement Brownfield projects. A BRA is a resource that may use Tax Increment Financing (TIF) as a tool for property redevelopment.
Community Development Block Grant (CDBG)
The Community Development Block Grant (CDBG) program is a federal grant program utilizing funds received from the US Department of Housing and Urban Development (HUD). Each year, Michigan receives approximately $30 million in federal CDBG funds, out of which various projects are funding through the state.
Industrial Property Tax Abatement (PA 198)
Industrial property tax abatements provide incentives for eligible businesses to make new investments in Michigan. These abatements encourage Michigan manufacturers to build new plants, expand existing plants or renovate aging plants. High technology operations are also eligible for the abatement.
Michigan Business Development Program (MBDP)
The Michigan Business Development Program is an incentive program available from the Michigan Strategic Fund (MSF), in cooperation with the Michigan Economic Development Corporation (MEDC). The program is designed to provide grants, loans or other economic assistance to businesses for highly competitive projects in Michigan that create jobs and/or provide investment.
Michigan Business Growth Fund Loan Participation Program
The Michigan Loan Participation Program participates with lenders to finance diversification projects when faced with eligible borrower companies whose projected cash flows are considered speculative by the lender.
Michigan Collateral Support Program
The Michigan Collateral Support Program supplies cash collateral accounts to lending institutions to enhance the collateral coverage of borrowers. To qualify, a business must be engaged with a private lender for the purpose of acquiring a commercial extension of commercial credit and must exhibit a collateral shortfall according to the lender’s analysis.
Community Revitalization Fund
The Michigan Community Revitalization Program (MCRP) is designed to promote community revitalization that will accelerate private investment in areas of historical declining values, foster redevelopment of functionally obsolete or historic properties, reduce blight, and protect natural resources of this state. MCRP provides gap financing through loans, grants, or other economic assistance.
Personal Property Tax Relief in Distressed Communities (PA 328)
Personal Property Tax Relief in Distressed Communities allows distressed communities, county seats, and certain border county communities to abate personal property taxes on new investments made by eligible businesses.
Pure Michigan Business Connect (PMBC)
Pure Michigan Business Connect (PMBC) is a public-private initiative that introduces Michigan companies to opportunities that help them grow and expand. The program allows participating companies to find new customers while also leveraging procurement resources to increase their supply chain.
Going Pro Talent Fund
Going PRO Talent Fund provides competitive awards for employee training that enhances talent, productivity, and employment retention, while increasing the quality and competitiveness of Michigan’s businesses. Going PRO ensures Michigan’s employers have access to the talent they need to compete and grow, and individuals have the skills they need for in-demand jobs.
State Essential Services Assessment (SESA) Exemption Program
Under the State Essential Services Assessment (SESA) Exemption Program, companies may qualify for a exemption when investing more than $25 million in personal property. SESA exemptions are equal to 100% or 50% of the SESA amount for a period of years, depending on eligibility and a review of the investment.
Michigan Business Tax Information
*For more business and property information visit the Michigan Taxes website here.
Capital Access Program
The Capital Access Program (CAP) gives banks a flexible tool to make business loans to Michigan based companies. The Michigan Economic Development Corporation (MEDC) contributes a small amount of “gap financing” to provide Michigan businesses access to capital that otherwise might not be available, making it possible for the company to receive fixed asset and working capital financing.
SBA Certified Development Loans
The U.S. Small Business Administration's (SBA) program provides small- and medium-sized businesses with long-term fixed rate financing for the acquisition or construction of fixed assets. Businesses must have a tangible net worth of less than $7.5 million and an average net profit of less than $2.5 million for the past two years.
Michigan Emerging Technologies Fund
The Emerging Technologies Fund, administered by the Michigan Small Business Development Center (MI-SBDC) for the Michigan Economic Development Corporation, is dedicated to match federal Small Business Innovation Research and Small Business Technology Transfer Research SBIR/STTR funding opportunities for exceptional research and technical innovation generated in Michigan.
Private Activity Bonds
Private activity bonds are an attractive source of financial assistance to economic development projects in Michigan. They provide profitable firms with capital cost savings stemming from the difference between taxable and tax-exempt interest rates. Download our factsheet for more information.
The Right Place serves both current and prospective companies in Greater Grand Rapids, providing one-stop assistance for location, innovation and growth.