michigan economic development corporation

Business
8:48 am
Wed November 6, 2013

MEDC, Huntington Bank announce microlending program for small businesses

The Pure Michigan Micro Lending Initiative will focus on loaning money to small businesses in Michigan's urban centers.
Credit Joy VanBuhler / Flickr

The Pure Michigan Micro Lending Initiative will begin with $5 million from Huntington Bank to small local businesses in Detroit. The bank has also pledged $25 million to expand the program across the state in the next five years.

The program is a partnership between the Michigan Economic Development Corporation, Huntington Bank,  the Detroit Development Fund and the Snyder administration. It will provide loans to small businesses anywhere from $500 to $50,000 dollars.

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Economy
3:21 pm
Fri September 20, 2013

$10 million program creates 1,000 jobs

St. Luke's N.E.W. Life Center employs people in the Community Ventures program to make garments for the health care industry.
Credit St. Lukes N.E.W. Life Center

Governor Snyder says the Community Ventures program created 1,000 jobs in the past year. It's a pilot program in Saginaw, Pontiac, Flint and Detroit focused on bringing jobs to the long-term unemployed.

Mike Finney is the president and CEO of the Michigan Economic Development Corporation, which partnered with government agencies to bring jobs to those cities. He says the Community Ventures program mostly provides manufacturing jobs.

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Education
1:05 pm
Mon March 4, 2013

$7.5M fund aims to boost UM medical discoveries

UM Medical School to receive $7.5 million for medical discoveries..
user: vitualis / flickr

ANN ARBOR, Mich. (AP) - A new $7.5 million fund aims to help University of Michigan medical discoveries move from the laboratory to the market.

The Ann Arbor school says Monday the effort will help its Medical School and its Office of Technology Transfer identify and advance medical research projects with a high potential of commercial success.

The fund will be called the U-M MTRAC for Life Sciences. MTRAC stands for Michigan Translational Research and Commercialization.

The effort is funded in part by a $2.4 million grant from the Michigan Economic Development Corporation's 21st Century Jobs Fund.

It's one of several research commercialization efforts funded by the MEDC.

Politics & Government
1:06 pm
Thu February 14, 2013

Pure Michigan logo won't pair up with 'right-to-work' again

An ad in the Wall St. Journal touting Michigan's controversial right to work law along with the Pure Michigan logo.
Credit MyFoxDetroit

The Michigan Economic Development Corporation (MEDC) got some heat after this ad appeared in the Wall Street Journal last month (photo courtesy of MyFoxDetroit):

It cost MEDC  $144,000.

MEDC is a public-private entity and functions as a marketing firm for the state of Michigan. MEDC officials say only private money was spent on the Wall St. Journal ad.

But tying the state's 'Pure Michigan' brand to a controversial new law was roundly criticized by Democrats and by some advertising experts.

Republican Gov. Rick Snyder said the ad was "too specific, and possibly divisive."

The Detroit News reports today that MEDC won't do it again:

The Michigan Economic Development Corporation has halted use of the Pure Michigan logo in advertisements promoting the new right-to-work law following backlash from Democrats and criticism from Republican Gov. Rick Snyder.

"At this point any further advertising on that level or in that style has been put on hold," Jim McBryde, vice president of government affairs, told the House Tourism Committee Thursday morning.

Mike Finney, president and CEO of the MEDC, is re-evaluating use of the tourism logo in economic development advertisements, McBryde said.

Politics & Government
5:10 pm
Mon January 14, 2013

Governor Snyder questions ad tying Pure Michigan brand to right-to-work

www.michigan.org

Governor Rick Snyder says he would not have tied the Pure Michigan brand so closely with the state’s controversial right-to-work law in a recent ad.

The Michigan Economic Development Corporation has been taking criticism for the ad, which appeared in the Wall Street Journal.

It promotes right-to-work alongside a logo for the state’s popular tourism campaign.

Governor Snyder said he thinks the message was too specific, and possibly divisive.

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Auto/Economy
4:42 pm
Tue January 10, 2012

Snyder pitches Michigan, economic development strategy at Detroit Auto Show

The Hyundai-Kia America Technical Center
hatci.com

Governor Snyder announced that Hyundai will expand its Hyundai-Kia America Technical Center in Superior Township, just south of Ann Arbor.

Speaking just after touring the Detroit Auto Show Tuesday, the Governor said the project is a “good model” for the state’s revamped economic development strategy.

The Korean automaker plans to put more than $15 million into expanding its technical center. The new “environmental chamber” will test vehicle emissions at extreme temperatures, helping it meet new fuel efficiency standards.

But do that, the company needed a bigger power supply than DTE Energy could reliably provide. So, the Michigan Economic Development Corporation is chipping in $2.5 million to build a new power substation.

Snyder says that’s a departure from the tax incentive-based strategy the state has used in the past. “Our goal here is to be an enabler, in terms of letting companies in the private sector be successful, because that’s how you lead to true long term viable job creation,” Snyder said.

The idea is that Hyundai will eventually repay the state through tax revenues it pays to Superior Township. The state can then use that money to finance other economic development projects.

Auto/Economy
1:30 pm
Tue November 15, 2011

4 projects awarded state tax incentives

Two of the projects, Meijer in Detroit and Grand Rapids Urban Market, will bring more fresh produce into Michigan's two largest cities.
Steve Carmody Michigan Radio

The Michigan Economic Development Corporation approved tax breaks Tuesday in exchange for new investment and jobs.

MEDC spokesman Joseph Serwach says one of the four projects receiving tax breaks includes a much-needed grocery store in the City of Detroit.

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Auto/Economy
6:02 pm
Tue October 18, 2011

Europe’s largest online hotel reservation company expanding in West Michigan

Booking.com is a subsidiary of Priceline.com. The company put its first North American call center in the Grand Rapids suburb of Wyoming because there are a lot of tech-savvy young people who are fluent in many European languages.

“It’s important because at different times of the day and on weekends or holidays in other countries, they’re switching those calls here,” said Sue Jackson, Vice President of Business Development at The Right Place. The economic-development group helped attract the company in 2008 and secured the latest expansion.

“We’re thrilled, obviously,” Jackson said about the 562 fulltime jobs the company is expected to create over the next 3 years. “That’s a lot of jobs for us.”

There are already more than 400 workers at the Wyoming facility. They provide technical support solving problems for travelers trying to book hotels online overseas.

“It is a credit to the multi-lingual skills and work ethic of West Michigan’s workforce that priceline is increasing its investment in our region,” said Jackson.

Trade Mission
1:01 pm
Fri September 23, 2011

How much will Governor Snyder's trip to Asia cost? TBD

Shanghai, China is one of the stops on Governor Rick Snyder's trade mission to Asia.
Trey Ratcliff Flickr

Tomorrow, Governor Rick Snyder heads off to Asia with a delegation of Michigan political leaders and business officials on a trade mission.

He'll spend a week traveling to Japan, China, and South Korea.

Michigan Radio's Tracy Samilton will travel with the Governor and report on the stops in Shanghai and and Beijing.

Samilton reported on Governor Snyder's goals for the trip:

The ultimate goal is creating more jobs in the state.  But the Governor has been careful to downplay expectations of new jobs right away. 

 "In terms of specific deals to be announced," Snyder says, "I don’t have high expectations there.  This is more about starting the relationships and then looking six months, a year out, after subsequent meetings and followup and discussions, will there be actual investment or will there be more exports.

So, how much?

We asked our Facebook fans what they wanted to know about Snyder's trade mission.

Many were curious to know how much is being spent on the trip. 

Samilton put this question to Michael Shore at the Michigan Economic Development Corporation.

Here's his response:

  • The trade mission costs will come either from contributions to the Michigan Economic Development foundation, a non-profit that supports economic development in Michigan through corporate contributions, or from MEDC corporate revenues, which derive from sources other than the state general fund. No taxpayer dollars are being spent for those traveling on behalf of the State of Michigan.

MEDC officials followed up that e-mail with this:

  • Local officials and other non-state of Michigan people going on the trip are responsible for paying their own way. The cost of the trip will be disclosed after the trade mission.

So the cost is to be determined, but they wanted to make clear that "no taxpayer dollars [will be] used to fund the State of Michigan official delegation, which includes the Governor."

Other trade trips by Michigan Governors

The last Michigan Governor to visit China was former-Governor John Engler.

Former Governor Jennifer Granholm never made a trip to the country, though she did take many trade trips, according to Crain's Detroit Business:

...Jennifer Granholm was active in going abroad and led 13 overseas trade missions to 10 countries, including Japan and South Korea.

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Economy
1:52 pm
Sun August 21, 2011

Using "Pure Michigan" campaign to rebrand the state's business climate

MEDC President Michael Finney (left) listens as Michigan Gov. Rick Snyder talks to reporters at the Michigan International Speedway prior to the start of the Pure Michigan 400
(photo by Steve Carmody/Michigan Radio)

The “Pure Michigan” tourism campaign targeted a new audience over the weekend….NASCAR fans.   The state tourism marketing campaign sponsored the nationally televised “Pure Michigan 400” race on Sunday at Michigan International Speedway.   It's part of the state’s 25 million dollar tourism promotion budget.  

Michael Finney is the President the Michigan Economic Development Corporation.  He says the NASCAR sponsorship is part of an evolution of the marketing campaign.  

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