Among the available programs are these financing resources:
Connects businesses to capital through the Michigan Strategic Fund. To qualify, a business must be engaged with a private lender for the purpose of acquiring a commercial extension of commercial credit and must exhibit a collateral shortfall according to the lender’s analysis. The borrower must have no more than 750 employees, and must participate in a qualified industry.
Provides qualified investments to qualified businesses for deal-closing, gap financing, or other economic assistance to create or retain qualified jobs as a result of a technological shift in product or production or make capital investments, or both. This tool provides access to grants, loans and other economic assistance.
Provides attractively priced, highly efficient and complimentary growth capital, including value-add assistance, in the form of subordinated debt to Michigan’s small and middle-market business community in a broad range of industries. The program is capitalized by members of Michigan’s banking community and the Michigan Strategic Fund.
Assists companies in financing new expansion and diversification projects when there is a shortage of capital or their cash flow is considered speculative. This program enables suppliers to acquire the needed financing to expand and diversify into new growth industries. The borrower must be engaged in a qualified industry, such as manufacturing, research and development, wholesale and trade, film and digital media, office operations, or a high-tech business.
Assists lenders and borrowers in financing expansion or diversification projects. The program seeks to enable suppliers to acquire the necessary financing that might otherwise be unavailable due to a collateral shortfall according to the lender's analysis. To qualify, a business must be engaged with a private lender for the purpose of acquiring an extension of commercial credit and must exhibit a collateral shortfall.
The SBDC offers three great loan programs for small businesses. The most common is the 7(a) loan, best used when real estate is part of a business purchase, but it can also be used for short- and long-term working capital, refinancing business debt or purchasing furniture, fixtures and supplies. The 504 loan offers long-term, fixed rate financing up to $5 million for major fixed assets that promote business growth and job creation. And microloans provide up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand.
Tax exempt revenue bonds that can be issued for the public purpose of economic development. An eligible company applies for this financing through the Michigan Strategic Fund board, and if approved, the MEDC borrows money from the private capital lender and bestows it on the approved company. Due to the tax exemption, typical borrowing rates are lower than interest rates on conventional borrowings. There are three different types of projects that are eligible for this program and they include manufacturing projects, not-for-profit corporation projects and solid or hazardous waste facility projects.
Provide small and medium-sized companies access to public capital markets normally available to larger companies. The principle advantage of utilizing a taxable bond to a company is that they provide long-term (10-20 years), fixed or variable rate financing. The program can provide financing for up to 100% of the cost of a project, including fixed assets, cost of issuance and working capital. Eligible projects include commercial air pollution control and water pollution control facilities, as well as previously excluded businesses such as industrial facilities exceeding $10 million, nursing homes operated by for-profit corporations, recreational facilities, automobile sales and service facilities and restaurants.
Contact us
To learn more about our free and confidential services:
Call: 586-469-5285
Email: planning@macombgov.org
Reach out to one of our Economic Development representatives