A wide range of incentives are available to companies considering expanding in Clinton County, Michigan. These incentives seek to attract and retain high-quality jobs for a highly-skilled work force, as well as maintain a vibrant economic environment for the business community. They include tax incentives, financing programs, job training incentive and assistance to redevelop Brownfield sites.
Financing Programs
SBA 504 Loan Program
This program provides small and medium sized businesses with long-term fixed rate financing for the acquisition or construction of fixed assets.
Industrial Development Revenue Bonds (IRB)
These are extremely low interest financing for fixed assets ranging up to $10 million. They can be used for manufacturing and not-for-profit corporation projects. Normally 1 or 2 points below prime.
Capital Access Program
This program uses small amounts of public resources to generate private bank financing, providing small Michigan businesses access to bank financing that might not otherwise be available.
SBA 7 (a) Loan Program
This Small Business Administration (SBA) program provides a repayment of banks making loans under this program. This allows the lender to recover a portion of what it lent from the SBA if the borrower can’t make the payments. The borrower is still obligated for the full amount. The reduced risk permits lenders to give small business owners access to the same kinds of reasonably priced, long-term financing available to large businesses.
Incentives
Film Tax Credit
Qualifying film and digital media productions can benefit from several new incentives from the State of Michigan including production incentives, workforce incentives and financing incentives. More information
Brownfield Incentives
Tax credits, grants and loans are available to businesses that reuse contaminated, functionally obsolete or blighted properties.
Property Tax Abatement
Industrial Property Tax Abatement
Industrial Property Tax Abatement can reduce the property tax on new investment including machinery and equipment for a manufacturer.
Personal Property Tax Relief
Personal Property Tax Relief can eliminate the personal property tax on new personal property