LANSING, Mich. (WLNS) – Following the approval of the Michigan Strategic Fund guidelines, two new programs aim to equip the Michigan Economic Development Corporation (MEDC) with economic development tools for retention and attraction projects. companies.
The Strategic Site Readiness Program (SSRP) and Critical Industry Program (CIP) are part of a set of bipartisan laws signed by Governor Gretchen Whitmer last year, helping Michigan support the creation of long-term jobs and economic growth in communities across the state.
These powerful new tools will support our ability to attract highly competitive projects that will create tens of thousands of well-paying jobs, support our small businesses and generate billions of dollars in investment in communities across state. Through the collaboration of business leaders, lawmakers, economic development and community leaders, our state will be in a better position to win huge transformative projects and effectively compete for every dollar and every job for decades to come.
Governor Gretcehn Whitmer
According to MEDC, the Critical Industry Program will make way for investments essential to closing deals, creating and sustaining skilled jobs as well as bringing capital investment into Michigan by providing qualified companies grants, loans or other economic aid.
The Strategic Site Preparation Program will provide grants, loans and other economic assistance with the aim of establishing investor-ready sites to attract and promote investment in the state, thus helping to ensure an increased inventory of sites for support current and future projects.
Both programs will be funded through the Strategic Outreach and Attraction (SOAR) Reserve Fund, with initial funding set at $ 1 billion.
One guideline in place is the requirement that all projects supported by these programs require approval from the MSF Board of Directors, in line with all MSF project recommendations and ensuring transparency and accountability of public funds.
After MSF’s approval, the process of legislative transfer of funds through the SOAR Fund will begin.
Projects under the SSRP and CIP will have to meet certain performance milestones.
If a project does not meet these requirements, the Crown may recover funds in response and reallocate those funds to support future projects.
Taken together, these programs will be absolutely critical to ensuring that businesses currently operating in our state – and new businesses considering Michigan – do not have to look to invest anywhere in North America other than Michigan as they seek to establish themselves. develop and develop. These programs show how Michigan is positioning for large-scale investments that accelerate the growth of 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 MEDC and President of MSF