Michigan businesses to receive boost from new public-private program
UPDATE 4:30 p.m.
One hundred thirty million will be available to Michigan businesses as part of a new grant program. The money is the first of the Small Business Association’s Impact Investment Initiative. The goal is to help grow and create jobs through public-private partnerships. The InvestMichigan! fund is a partnership between the SBA, Dow Chemical Company and state funds.
Karen Mills is with the SBA. She says Michigan was the perfect place to start the program.
“Michigan has great assets. It has one of the highest engineers per capita for any state. It has a well-trained workforce, it has great universities and it has extraordinary entrepreneurs,” Mills said.
The program will distribute 1-point-5-billion-dollars to businesses nationwide throughout the next five years.
- Amelia Carpenter - Michigan Radio Newsroom
ORIGINAL POST: 12:21 p.m.
Details on a public-private grant program aimed at helping small to medium sized businesses in Michigan will be announced during a press call at 1 p.m. today.
Governor Snyder will discuss the new program along with Karen Mills of the U.S. Small Business Administration, Andrew Liveris, Chairman and CEO of Dow Chemical Company, State Treasurer Andy Dillon, and Kelly Williams of Credit Suisse's Customized Fund Investment Group.
Andrew Dodson of Booth Mid-Michigan reports that Dow Chemical's investment in the program is expected to facilitate investment from the federal and state government:
According to a source close to the information, the program's impact will be "quite substantial." Dow Chemical is expected to provide funds and help facilitate bringing federal and state funds to bear upon local markets. "It's meant for businesses who need financing, but can't get loans or financing right now," the source said. InvestMichigan! is a group with a series of funds focused on growing the next generation of Michigan companies, according to its website, and is one of the partners involved in today's announcement. It's federal counterpart, ImpactAmerica, is also involved.
Amelia Carpenter in the Michigan Radio Newsroom will be on the call and will have more for us later.