LANSING, Mich. (WLNS) – Following the approval of Michigan Strategic Fund guidelines, two new programs aim to give the Michigan Economic Development Corporation (MEDC) economic development tools for employee retention and attraction projects. businesses.
The Strategic Site Preparation 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 the state. With business, legislative, economic development, and community leaders working together, our state will be better positioned 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 room for investments critical to closing contracts, creating and preserving skilled jobs, and investing capital in Michigan by providing grants to qualified businesses. , loans or other economic aid.
The Strategic Site Readiness program will provide grants, loans, and other economic assistance with the goal of creating investment-ready sites to attract and promote investment in the state, helping to ensure an increased inventory of sites for support current and future projects.
Both programs will be funded by the Strategic Outreach and Attraction Reserve (SOAR) Fund, with initial funding set at $1 billion.
A guideline in place is the requirement that all projects supported by these programs require MSF Board approval, in line with all MSF project recommendations and ensuring transparency and accountability of public funds.
After MSF approval, the process of legislative transfer of funds through the SOAR Fund will begin.
Projects under the SSRP and CIP will be required to meet certain performance milestones.
If a project does not respond, the State may recover the funds in response and reallocate these funds in support of future projects.
Taken together, these programs will be absolutely essential to ensuring that businesses currently operating in our state – and new businesses considering Michigan – need not seek to invest anywhere in North America other than Michigan as they seek to grow and develop. These programs highlight how Michigan is positioning itself for large-scale investments that accelerate the growth of well-paying jobs, retain big 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