Provides gap financing for eligible Lenawee County companies. Contact Tim Robinson at 517.265.5141 for information.
Michigan Business One Stop: Financing A Business
CEED: www.miceed.org The Center for Empowerment and Economic Development is committed to empowering women and minorities economically through business development training, supplier certification, business-to-business networking and accessible capital assistance programs.
Michigan Ventures Capital Association: List of state/national resources
United Structured Finance: http://www.unitedstructuredfinance.com/loan-programs.asp
USDA Loan Program - http://www.rurdev.usda.gov
The purpose of the B&I Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. This purpose is achieved by bolstering the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits. It is not intended that the guarantee authority will be used for marginal or substandard loans or for relief of lenders having such loans.
The Michigan Credit Union Small Business Financing Alliance (CUSBFA) connects entrepreneurs and small businesses with training, while providing the tools to apply for the credit they need to get their business off the ground, or to expand their current enterprise.
Site development and infrastructure grants:
Grants for public infrastructure improvements are made available to local communities that have an identified company that can commit up-front to job creation. An award of up to $10,000 for each new job created by the company can be given for 90 percent of the total infrastructure cost. The Michigan Community Development Block Grant (CDBG) program funds grants and loans for economic development, downtown and gateways, community development and planning, and discretionary projects that meet a federally required national objective to either provide direct benefit to low- and moderate-income people or to eliminate slum and blight. The fund provides money for public infrastructure improvements (water, sewer, roads).
Tax-exempt bonds:
Private Activity Bonds are tax-exempt instruments issued on behalf of the borrower by the Michigan Strategic Fund and purchased by private investors. These loans can be used for made-for-manufacturing and not-for-profit corporation projects and company-specific solid waste facilities and waste disposal facilities that dispose of waste through recycling. Bond proceeds can only be used to acquire land and buildings and for acquisition and installation of new machinery and equipment, not for working capital or inventory. These bonds are generally used when financing of $1 million and higher is required. The company for which the bond is issued must be creditworthy enough to attract a buyer for the bonds, because the state does not guarantee the bonds. The purchaser of an existing manufacturing facility must devote 15 percent of the bond proceeds to renovation of the existing facility and equipment.
New markets tax credit program:
The Michigan Magnet Fund (MMF), a partnership between the Michigan Economic Development Corporation (MEDC), the Michigan State Housing Development Authority, and the Great Lakes Capital Fund, was awarded $60 million in new markets tax credits for 2009 through the Community Development Financial Institutions Fund, a division of the U.S. Department of Treasury. In addition the Detroit Investment Fund received a $40 million allocation for the City of Detroit, and the Great Lakes Capital Fund Received an allocation of $28 million for its four-state region. When combined with the Wayne County allocation of $50 million, this will provide Michigan with investment potential of $178 million. The new markets tax credit program is a $15 billion federal tax initiative aimed at attracting new private investment capital to underserved markets and low-income communities. The allocation will allow the MMF to provide a new source of financing assistance to community development projects across the state. The new markets tax credits are very attractive. Investors that make equity investments in a qualified community development entity, such as the MMF, can qualify for a 39 percent federal tax credit over a seven-year period. This equity investment, when combined with other debt financing, offers the ability to make very attractive financing available to the borrower and stimulate difficult-to-finance projects forward.
Bank of America 517.263.5800 or 517.486.4317
Blissfield State Bank - 517.486.2151
Comerica Bank - 800.643.4418
First Federal Bank - 517.265.5144
Hillsdale County National Bank - 517.448.2425
Huntington Bank - 517.263.0795
Key Bank - 517.265.8612
Onsted State Bank - 517.592.3205
TLC Credit Union 517.263.9120
United Bank & Trust - 517.423.8373
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