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U.S. Bureau of Economic Analysis data found Michigan ranked the third-highest growth rate in the nation in Q2 2021. State legislators and Gov. Whitmer credit it partly to the $2.1 billion MI New Economy plan to grow the middle class, support small businesses and invest in communities. While it’s been a boon to local businesses, it has also strengthened the base for inbound investments. Rivian, Ford and SK Siltron have all announced projects here in the past year.
Michigan Business Development Program (MBDP): Provides performance-based grants, loans or other economic assistance to businesses for highly competitive projects that create jobs or provide investment in the state.
State of Michigan Critical Industry Program (CIP): A performance-based grant developed to provide near term support for highly competitive projects that result in significant job creation and investment; the program will include flexible milestones structured to meet the project needs.
Strategic Site Readiness Program (SSRP): Provides financial incentives to eligible applicants to conduct eligible activities on, or related to, strategic sites and mega-strategic sites in Michigan, for the purpose of creating investment-ready sites used to attract and promote investment in Michigan.
Michigan Economic Development Corporation
Detroit Economic Growth Corporation
Detroit Regional Chamber
Grand Rapids Economic Development
Lansing Economic Development Corporation lansingmi.gov/355/Lansing-Economic-Development-Corporation
Strategic Outreach and Attraction Reserve (SOAR) package
In December 2021, Governor Gretchen Whitmer signed the bipartisan Strategic Outreach and Attraction Reserve (SOAR) package to support small businesses and fully fund a historic economic development toolkit to make Michigan a national leader in business attraction. The Michigan Strategic Site Readiness Program (SSRP) will allow Michigan to create investment-ready sites to attract and spur business growth in Michigan. The program will provide grants, loans, and other economic assistance for the purpose of creating investment-ready sites to attract and promote investment in the state. The Critical Industry Program (CIP) will empower Michigan to make game-changing investments critical to closing deals, create and preserve qualified jobs, and bring significant capital investment into Michigan.
17 Fortune 500 companies headquartered in the state, including: