The programs below help individuals to bridge the gaps in financing their new business. Often, they are specific to the property’s location, whether it is a certain site, city or county, monies are allocated differently. The following programs are contingent upon where you want to locate your business, so please pay attention carefully to the requirements noted.
Michigan has reinvented the incentive process. Instead of offering tax credits that may provide future savings based on jobs and investment targets, MEDC has programs that provide immediate benefit. Couple these innovative programs with a low 6% Corporate Income Tax and the proposed elimination of the Personal Property Tax, Michigan offers one of the best pro-business environments in the country. Each year, $170 million is available in incentives and assistance. Plus, $100 million is available in loans to small and midsize businesses.
These exemptions are offered solely at the discretion of the local unit of government. Policies and formulas for determining the term of years to be granted and other qualifications vary with each community. Follow the link to determine whether or not your property is eligible for tax abatements.
The Federal Historic Preservation Tax Incentives program encourages private sector investment in the rehabilitation and re-use of historic buildings.
With Michigan Saves financing, you can power your food related business with less energy. Upgrading costly refrigeration units or HVAC systems, replacing old light fixtures, or even adding insulation to your commercial space can help you save. As a nonprofit dedicated to making energy improvements easy and affordable, Michigan Saves has negotiated hassle-free, fast financing up to $150,000 as low as 5.9% for up to 5 years.
The Economic and Community Development Department of the City of Dearborn encourages the redevelopment of brownfield sites. “Brownfield” is a term describing the obstacle to property redevelopment caused by the threat of liability from existing contamination (environmental impairment, functional obsolescence, etc.). The ECD is prepared to partner with developers in the endeavor of identifying and vigorously seeking technical and financial assistance from various funding programs, depending on project eligibility. The ECD assists the BRA of the City of Dearborn in the processing of requests for assistance for brownfield redevelopment projects, contact the ECD at 313-943-2180, ext. 5 for additional information.