LANSING, Mich. (WLNS) — Following guidelines approval from the Michigan Strategic Fund, two new programs aim to give the Michigan Economic Development Corporation (MEDC) with economic development tools for business retention and attraction projects.
The Strategic Site Readiness Program (SSRP) and the Critical Industry Program (CIP) are part of a package of bipartisan legislation signed by Governor Gretchen Whitmer last year, helping Michigan support long-term job creation and economic growth in communities throughout the state.
These powerful new tools will support our ability to attract highly competitive projects that will create tens of thousands of good-paying jobs, back our small businesses and generate billions of dollars in investment in communities throughout the state. Thanks to the collaboration of business, legislative, economic development, and community leaders, our state will be in a better position to win huge, transformational projects and compete effectively for every dollar and every job for decades to come.”Governor Gretcehn Whitmer
According to the MEDC, the Critical Industry Program will make way for investments critical to closing deals, creating and preserving qualified jobs as well as bringing capital investment into Michigan by providing qualified businesses with grants, loans or other economic assistance.
The Strategic Site Readiness program will provide grants, loans, and other economic assistance for the purpose of creating investment-ready sites to attract and promote investment in the state, helping ensure an increased inventory of sites to support both current and future projects.
Both programs will be funded via the Strategic Outreach and Attraction Reserve (SOAR) Fund, with initial funding set at $1 billion.
One guideline in place is the requirement that any and all projects supported by these programs will require approval from the MSF Board, consistent with all MSF project recommendations and ensuring transparency and accountability of public funds.
Following MSF approval, the process for legislative transfer of funds through the SOAR Fund will start.
Projects through the SSRP and CIP will be required to meet certain performance milestones.
If a project does not meet those, the state will be able to recuperate the funds in response and repurpose those funds in support of future projects.
Taken together, these programs will be absolutely vital for ensuring both businesses currently operating in our state –– and new companies considering Michigan –– need not look to invest anywhere else in North America but Michigan as they look to grow and expand. These programs highlight how are positioning Michigan for large-scale investments that accelerate growth in high-paying jobs, retain large customers for our small businesses, and remain at the center of technological change for decades to come.”Quentin L. Messer, Jr., CEO of the MEDC and President of the MSF