Michigan boosts business development with new funding programs

Business attraction and community revitalization took center stage during the Michigan House of Representatives Appropriations meeting on March 5, 2025. Lawmakers discussed key funding initiatives aimed at boosting economic growth and supporting local communities.

The Michigan Business Development Program, a successor to the previous mega grants, is designed to provide grants, loans, and economic assistance to businesses that create new jobs and investments in the state. These funds are awarded based on performance, ensuring that financial support aligns with job growth and investment targets.

In addition, the Community Revitalization Program aims to redevelop contaminated, blighted, or historic properties. This program also operates on a performance basis, offering grants and loans to encourage revitalization efforts.

The meeting highlighted the Pure Michigan program, which received $16 million from the general fund and an additional $14 million in federal coronavirus relief funds for the current fiscal year. This funding is crucial for promoting tourism and enhancing Michigan's appeal as a travel destination.

Another significant topic was the Strategic Outreach and Attraction Reserve (SOAR) fund, which includes the Critical Industries Program and the Strategic Site Readiness Program. These initiatives focus on retaining and attracting investments while ensuring that sites are prepared for development. Since its inception, the SOAR fund has transferred approximately $2.4 billion to support approved projects, with a remaining balance of $456.4 million available for future allocations.

Lastly, the Going Pro program was discussed, with $40.5 million allocated to support training and retention of employees. This program provides competitive awards to employers for short-term training that addresses specific talent needs.

Overall, the meeting underscored Michigan's commitment to economic development through targeted funding and support for businesses and communities, setting the stage for future growth and revitalization efforts.