Incentives

LDC will identify a complete package of operational financing and incentive opportunities available to your business, assist in the application process and serve as a liaison.

Capital Access Program (CAP), administered for the Michigan Strategic Fund (MSF) by the Michigan Economic Development Corporation (MEDC), is an innovative program available to assist businesses with capital needs. The CAP uses small amounts of public resources to generate private bank financing, providing small Michigan businesses access to capital that might not otherwise be available.  More info

Equity Capital Financing LDC can work with the Michigan Economic Development Corporation (MEDC) to identify and secure appropriate funds (angel, mezzanine and venture) to start or expand your business.

Foreign Trade Zones help U.S. companies compete in the global marketplace by eliminating, deferring or reducing duties, and potentially, other costs. More info

Michigan Business Development Program is designed to provide grants, loans, or other economic assistance to businesses for highly competitive projects in Michigan that create jobs and/or provide investment. More info

Michigan Collateral Support Program  provides cash collateral accounts to lending institutions to enhance the collateral coverage of borrowers. The program can support up to 49.9% of a new commercial extension of credit up to $5 million. More info

Michigan Department of Transportation (MDOT) Economic Development Road Projects provides funding for transportation projects to support private initiatives that create or retain jobs. More info
 
Michigan Emerging Technologies Fund (ETF) is designed to expand funding opportunitites for Michigan technology based companies in the federal innovation research and development arena.  More info


Michigan Loan Participation Program participates with lenders to finance expansion and diversification projects by purchasing a portion of a loan from a lender and offering a grace period for principal and interest repayments for up to 36 months. More info

Private Activity Bonds Tax exempt private activity bonds are available through a local Economic Development Corporation or the Michigan Strategic Fund to acquire land, buildings and equipment related to the manufacturing process. Up to $10 million in bonds can be secured, with interest rates typically 75-85% of prime. Eligible sectors include manufacturing, non-profit projects and waste facilities. More info

Revolving Loan Funds  The LDC manages or assists with the following Revolving Loan Funds:

  • I-69 Regional Development Corporation Revolving Loan Fund The fund offers small businesses financing of up to $500,000 for fixed asset or working capital in cooperation with the lending community. The interest rate and term are flexible depending on the financing request.  More info
  • Imlay City Façade Loan Fund Loans are available for façade improvements in the City of Imlay City downtown and commercials areas. Loans are available for up to $40,000 at 4% for up to 10 years.  More info
  • Lapeer Main Street Façade Loan Fund Loans are available for façade improvements in the Lapeer Downtown Development Authority district. Loans are available for up to $20,000 at 3% for up to 5 years. More info
  • City of Lapeer TIFA Revolving Loan  Fund  Loans are available for up to $100,000 at a rate of 2% below New York Prime with a minimum rate of 4%. The loan terms range from 36 months for working capital and up to ten years for real estate. More info

Small Business Administration (SBA) Loans The SBA offers numerous loan opportunities to assist in business development, including guarantees for commercial loans and second position loans used to secure financing for up to 90% of the project cost. LDC can determine which SBA loan is the best fit for your project.

USDA Rural Development Grants and Loans The US Department of Agriculture (USDA) has several grant and loan programs available to foster business development. LDC can assist in determining eligibility. More info

INCENTIVES

I-69 International Trade Corridor Next Michigan Development Corporation The I-69 International Trade Corridor Next Michigan Development Corporation (NMDC) offers economic incentives to growing businesses, both existing and new, that utilize two or more forms of transportation to move their products and are located within the territory of the NMDC.  Qualifying businesses in the corridor can benefit from state and local incentives, including real and personal property tax abatements. In certain cases, businesses can qualify for tax-free Renaissance Zones. Visit website       

PA 198 Industrial Property Tax Abatement An abatement is available for new investment on all local real  property taxes up to 50% (not including State Education Tax) for up to 12 years. Eligible industries are primarily manufacturing and high-technology operations. This exemption applies to new buildings, expansions and existing building improvements. More info

Workforce Training Grants Businesses may be eligible to receive grants to facilitate specialized training for their employees. There are several Lapeer county-based workforce assistance providers which can assist in identifying appropriate programs. For more information visit www.gstmiworks.org