Snyder announces multi-billion dollar economic initiative
By Rick Pluta, Michigan Public Radio Network
MACKINAC ISLAND, MI – http://wkar.org/images/library/programs/REWMI-120.jpg
The state is stepping up its role in matching businesses with money to help them expand. The Michigan Economic Development Corporation has formed a partnership with investment banks to boost lending to businesses.
The arrangement is part of an effort that focuses on small and medium-sized businesses. Those make up the vast majority of the state's employers and economic development officials think they show the most potential for creating jobs - albeit in relatively small numbers.
The public private initiative will make $3 billion in loans and grants available to businesses looking to grow. Governor Rick Snyder says it's part of his administration's strategy to provide broad support for businesses in lieu of targeted incentives and industry-specific tax breaks.
"Because the best way to do business attraction long-term from around our nation and around the world is to have happy customers right here in Michigan," he says.
The state's economic development agency will also do more to play "matchmaker" to connect businesses to suppliers and potential customers.
For more on job creation and workforce evolution in Michigan, visit WKAR.org/reworkingmichigan