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New $3 billion initiative invests
in Michigan businesses
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MACKINAC ISLAND–Michigan’s businesses will have new
ways to buy and sell, raise capital and connect with
each other through Pure Michigan Business Connect.
The new $3 billion public-private initiative, announced
by Governor Snyder with top business leaders Thursday at
the Mackinac Policy Conference, strengthens the
administration’s economic gardening philosophy through
an alliance of the Michigan Economic Development
Corporation (MEDC), State of Michigan agencies and major
Michigan companies and organizations.
“Pure Michigan Business Connect is the cornerstone of a
new toolkit for economic gardening we are developing
that’s built on Michigan’s broad asset base of strong
corporate enterprises, innovative entrepreneurs and rich
technology resources,” said Governor Rick Snyder.
For years, growing Michigan startup and second stage
companies have struggled with the challenges of finding
the right talent and access to capital, said Snyder, who
personally helped nurture growing companies in his years
as a venture capitalist and business executive. Pure
Michigan Connect matches people with resources,
strengthening relationships to fuel economic growth.
Initial program participants include State of Michigan
agencies, Huntington National Bank, Consumers Energy,
DTE Energy, Stage 2 Innovations, Automation Alley,
Export Import Bank and economic development partners who
joined with the MEDC in making the announcement at a
news conference during the Mackinac Policy Conference,
sponsored by the Detroit Regional Chamber.
The Pure Michigan Business Connect website,
www.MichiganAdvantage.org/businessconnect begins with
the following offers from the participating
organizations:
• State of Michigan – Eliminated the jobs killing
Michigan Business Tax and replaced it with a simple,
fair, flat 6 percent Corporate Income Tax. This jobs
creation tool will give companies certainty of the tax
structure in Michigan and will level the playing field
to allow all business and industries to grow and create
jobs. Nearly 100,000 small and medium businesses,
including partnerships, sole proprietorships, and
limited liabilities corporations, will no longer be
taxed twice and will simply pay taxes on their business
profits under the individual income tax; and providing
training and tools to maximize contract opportunities
for Michigan companies through its Contract Connect and
other state procurement programs.
• MEDC – Offering $100 million in economic development
incentives, $25 million for entrepreneurship and
innovation programs that provide capital and support
services to early stage Michigan businesses. Through its
Michigan Collateral Support and Loan Participation
Programs: offering $80 million to generate an additional
$800 million in Michigan bank loans for Michigan
businesses.
• Huntington National Bank – Committed $2 billion in
lending over four years for commercial and small
Michigan-based companies, the largest commitment to date
for the program.
• Consumers Energy – Pledged to dedicate an additional
$250 million over five years to purchase goods and
services from Michigan-based suppliers.
• DTE Energy –Pledged to dedicate an additional $250
million over five years to purchase goods and services
from Michigan-based suppliers.
• Stage 2 Innovations – Private investment group headed
by former Chrysler Corporation Chief Executive Officer
Tom LaSorda – working in conjunction with Automation
Alley – pledged $100 million for second stage fund for
Michigan businesses with innovative technologies to
accelerate large-scale commercialization.
• Export Import Bank – Committing to work with the
Governor and MEDC to more than double the dollar value
of its investment deals with Michigan-based small
businesses to $187 million by 2015 from $75 million in
2009. In addition, Ex-Im is pledging to do a Global
Access for Small Business Forum in Michigan.
Joining Snyder at the announcement were MEDC President
and CEO Michael Finney, Huntington Bank Chairman,
President and CEO Stephen D. Steinour, Consumers Energy
President and CEO John Russell, DTE Energy President and
CEO Gerry Anderson, and Business Leaders for Michigan
President and CEO and MEDC Chair Doug Rothwell.
“This is an invitation to Michigan’s business community,
companies that have supply needs or funds to lend and
those that are looking for new opportunities, all are
encouraged to join Pure Michigan Business Connect,” said
Michael Finney, MEDC President and CEO. “Transforming
Michigan’s economic ecosystem requires the broad
involvement of our state’s business community – our
largest, most prominent companies along with the newest
and least known and those of all sizes and sectors in
between – working with local and state economic
development agencies.”
The State of Michigan's Contract Connect website for
contracts and procurement provides information on more
than 1,000 state contract opportunities, along with
instructions on how to register and bid on these
contracts. The website also offers the MiDEAL program,
an opportunity for Michigan local units of government to
benefit from the state's negotiating and purchasing
power by permitting them to purchase from state
contracts with the same terms, conditions, and prices as
the state.
www.michigan.gov/micontractconnect .
The Michigan Economic Development Corporation, a
public-private partnership between the state and local
communites, promotes smart economic growth by developing
strategies and providing services to create and retain
good jobs and a high quality of life. Formore
information on the MEDC’s initiatives and programs,
visit the Website at www.MichiganAdvantage.org.
Huntington Bancshares Incorporated is a $53 billion
regional bank holding company headquartered in Columbus,
Ohio. The Huntington National Bank, founded in 1866,
provides full-service commercial, small business, and
consumer banking services; mortgage banking services;
treasury management and foreign exchange services;
equipment leasing; wealth and investment management
services; trust services; brokerage services; customized
insurance brokerage and service programs; and other
financial product and services. Through automotive
dealership relationships within its six-state banking
franchise area and selected New England states,
Huntington also provides commercial banking services to
the automotive dealers and retail automobile financing
for dealer customers. For more information on
Huntington’s business loan program, visit
www.huntington.com/mipartnership .
Consumers Energy is an electric and natural gas utility
serving 6.8 million of Michigan's 10 million residents
in all 68 Lower Peninsula counties. Consumers Energy
will celebrate its 125th year of service to Michigan
later in 2011 and is the principle subsidiary of CMS
Energy (NYSE: CMS). For more information, visit
www.consumersenergy.com .
DTE Energy (NYSE:DTE) is a Detroit-based diversified
energy company involved in the development and
management of energy-related businesses and services
nationwide. Its operating units include Detroit Edison,
an electric utility serving 2.1 million customers in
Southeastern Michigan, MichCon, a natural gas utility
serving 1.2 million customers in Michigan and other
non-utility, energy businesses focused on gas storage
and pipelines, unconventional gas production, power and
industrial projects, and energy trading. Information
about DTE Energy is available at dteenergy.com .
Ex-Im Bank is an independent federal agency that helps
create and maintain U.S. jobs by filling gaps in private
sector export financing at no cost to American
taxpayers. The Bank provides a variety of financing
products, including working capital guarantees,
export-credit insurance, and financing to help foreign
buyers purchase U.S. capital goods and services. For
more information, go to www.exim.gov .
Stage 2 Innovations is a $100-million fund established
to accelerate the large-scale commercialization of
proven, innovative technologies in the global market.
The fund’s goal is to empower and support the
commercialization of innovation-based, patentable
technology, and, if required, provide hands-on business
strategy and operational support. Stage 2 Innovations
was co-founded in 2011 by Tom LaSorda, former president
and CEO of Chrysler, and an experienced investor in
start-up companies with a proven track record.
Information about Stage 2 Innovations is available at
www.stage2innovations.com .
Automation Alley is a nonprofit organization that drives
growth and economic development through a collaborative
culture that focuses on workforce and business
development initiatives. Automation Alley attracts the
creators and consumers of diverse technologies from a
variety of industries around the world. The Automation
Alley region encompasses the City of Detroit and
counties of Genesee, Livingston, Macomb, Monroe,
Oakland, St. Clair, Washtenaw and Wayne. For more
information, go to www.automationalley.com . |
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Polar Bear
Cookbook
Thank you
to everyone who submitted
recipes for the Polar Bear
Hockey Cookbook. The cookbooks
are now available. The cost for
the cookbooks are $10.00 so make
sure to grab one for yourself
and maybe one or two as a gift.
They can be purchased at the Pat
O'Donnel Civic Center concession
stand or by contacting Kerry
Roehm or Micki Sorensen. |
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