MICHIGAN. where business works

Transcription

1 MICHIGAN where business works

2 Michigan s economy is at a 10-year high We ve added more than 200,000 jobs and our unemployment rate has dropped from 14.2% to 8.4%* Personal income in Michigan is up 3.5% in 2012, matching the national average A $1.5 billion budget deficit was erased without using any accounting gimmicks; long-term liability reduced by more than $20 billion, or $2,000 per Michigan resident Job-killing Michigan Business Tax replaced by Corporate Income Tax; tax ranking shot up to No. 7 from No. 49 Leads the nation with 88,100 new manufacturing jobs since 2009 Our businesses including small and medium-sized firms are enjoying a reduction in the state business tax of at least 80% Michigan is the only Midwestern state whose workers compensation pure premium rates have decreased by over 7% each of the last two years Unemployment Trust fund, which was $3.9 billion in debt, now has a balance of $1.5 billion, eliminating tax penalty * May 2013 State s rainy day fund is up to $505 million

3 In a state long known for innovation and productivity, Michigan is once again the preferred place to do business. Possibilities begin with a flat 6 percent business tax. The elimination of personal property taxes. Redesigned incentive programs and streamlined regulatory processes. All on the heels of wiping out a $1.5 billion budget deficit and closing on the largest fixed-rate bond deal ever. Add it all up and you have an ideal combination of opportunity, resources and passion that s Pure Michigan. The state of Michigan offers a variety of tools and services to help Michigan businesses prosper and grow. We have an experienced staff and network of partners and service providers who work to ensure that every business in need of assistance finds the resources, talent and support needed to take their business, and all of Michigan, to the next level. We hope you will contact us if you need assistance to support your business needs. DIRECT RESOURCES Pure Michigan Business Connect This public/private initiative is a combination of corporate, business service and banking resources. Michigan companies can sign up for the free program and find procurement resources to expand their supply chain, discover new business opportunities, access a new businessto-business network and receive business assistance at little to no cost. puremichiganb2b.com Pure Michigan Capital Connect Businesses need capital to grow and diversify. To encourage lending, Michigan has developed creative methods to provide the capital businesses need to grow and succeed. Michigan was the first state to win approval of nearly $80 million in federal capital funding to support the state s cutting-edge Capital Access, Michigan Collateral Support and Michigan Loan Participation programs. michiganbusiness.org/grow/access-capital Michigan Business Growth Fund The Michigan Business Growth Fund operates several programs that assist lenders and borrowers in financing expansion or diversification projects within the state of Michigan. The funds are used to reduce a lender s exposure or risk for loans to businesses that are suffering reduced collateral values or cash flows. michiganbusiness.org/michigan-business-growth-fund Capital Access Program The Capital Access Program (CAP) uses small amounts of public resources to support private bank financing, providing small Michigan businesses access to capital that might not otherwise be available. Participating banks throughout Michigan have offered CAP loans directly to companies that need credit enhancement. Similar to a loan loss reserve fund, the bank, the company and the Michigan Economic Development Corporation (MEDC) pay a small premium into a reserve that makes it possible for the company to receive fixed asset and working capital financing. michiganbusiness.org/capital-locator

4 Michigan: your partner in success U.S. Small Business Administration Loan programs In general, business financial assistance is provided in conjunction with Michigan s private lending institutions, and many Small Business Administration loan guarantee programs can be accessed through local and regional banks. The Michigan Small Business and Technology Development Centers (MI-SBTDC) can also assist businesses in preparing to approach local or regional banks for financial assistance. sba.gov Export assistance Exporting presents a significant opportunity for businesses in Michigan to increase sales and profits. Nearly 96 percent of consumers live outside the U.S. Two-thirds of the world s purchasing power takes place in foreign countries. It makes good business sense to go where the customers are. MEDC is committed to increasing Michigan s exporting opportunities by providing resources for businesses to help them identify and enter key emerging global markets. The State Trade Export Promotion (STEP) program provides direct reimbursements to qualified small and medium-sized export companies to develop or expand export-related activities, and provides tools to strengthen companies and increase their export readiness. michiganbusiness.org/grow/export-assistance Agribusiness programs The MEDC, in partnership with the Michigan Department of Agriculture and Rural Development (MDARD), offers multiple programs to help support the financing and growth of agricultural businesses. Michigan is an international leader in the agriculture industry, and MDARD and MEDC are committed to supporting the continued growth of the industry within the state. michiganbusiness.org/fact-sheets business growth support Michigan Small Business and Technology Development Centers Michigan is served by a network of regional SBTDC offices that are prepared to offer business start-up guidance, business plan development, new product development, export readiness and related assistance, marketing, cash flow improvement, customer diversification, business expansion, commercialization and strategic plan development at low or no cost. MI-SBTDCs can also assist businesses in preparing to approach local or regional bank(s) for financial assistance. misbtdc.org TM TM Michigan Manufacturing Technology Center The Michigan Manufacturing Technology Center offers direct technical assistance to small and medium-sized manufacturers to connect them to the best manufacturing practices and technologies available. State and federal funding with links to national industry groups make services affordable. mmtc.org Procurement Technical Assistance Centers Michigan s statewide network of Procurement Technical Assistance Centers (PTACs) match the capabilities of Michigan companies with state and federal government contract opportunities. Centers assist companies throughout the entire procurement process from pre- to post-award. Services include registering to become a government contractor, identifying bid opportunities, simplifying the bidding process, expediting payments through electronic invoicing, and assisting with post-award evaluations of submitted contracts and/or awards. ptacsofmichigan.org Consultation, education and training services Michigan s Consultation, Education and Training (CET) services program educates employers and employees in safety and health awareness. Michigan Occupational Safety and Health Administration staff of experienced, professional occupational safety consultants, construction safety specialists and industrial hygienists provide services to foster compliance. Required workplace posters can be obtained at no cost to businesses. michigan.gov/miosha Environmental Assistance program The Environmental Assistance program is a quick-response service of the Michigan Department of Environmental Quality. It is designed to aid Michigan s small and medium-sized businesses and municipalities in obtaining environmental compliance information and in resolving environmental issues in a non-regulatory environment. michigan.gov/deq Unemployment insurance Michigan s Unemployment Insurance Agency offers multiple resources for employers including an advocacy program, fraud hotline and other tax services. The Office of the Employer Ombudsman can assist businesses with their unemployment insurance questions. michigan.gov/uia OEO@michigan.gov

5 State business taxes For questions or issues concerning state income, sales, withholding or other business taxes michigan.gov/taxes TALENT Pure Michigan Talent Connect Pure Michigan Talent Connect is an online marketplace connecting Michigan s job seekers and employers; as a central hub, it links all public and private stakeholders who support Michigan s workforce. Through the program: Job seekers can access thousands of jobs, explore careers and discover education and training opportunities. Employers can post jobs, search for talented candidates, explore additional resources to discover, retrain and retain talent and take the talent pledge. Veterans will receive assistance in successful transition to civilian employment, as well as services targeted to matching appropriate skills and training to available employment opportunities. Career explorers can obtain current information on careers with the highest employment potential. Being able to better match available talent to job openings will create a stronger economy and a stronger Michigan. mitalent.org ADDITIONAL RESOURCES Michigan Business One Stop The Michigan Business One Stop is an online resource to help start and operate businesses in Michigan, making multiple government agencies readily available. The online Business Start-Up Tool helps create scenarios for starting different types of businesses, resulting in a customized report of business requirements, costs and time frames for permitting. michigan.gov/business Michigan Business Ombudsman The Michigan Business Ombudsman Office serves as a liaison between state government and the business community. The office provides independent and impartial assistance in resolving disputes and investigating complaints against state government agencies. In addition to traditional, reactive problem solving, the Ombudsman office proactively works to help Michigan businesses succeed and grow by fostering collaboration and improving processes across state government Pure Michigan branding One brand. One state. All of Michigan has the shared opportunity of broadening the scope of the highly successful, award-winning Pure Michigan tourism brand. Pure Michigan has been expanded to support the pro-business approach for an attractive, reinvigorated and strong Michigan. Both the private and public sectors of Michigan are encouraged to find ways to incorporate the brand into marketing and promotional campaigns. michiganbusiness.org/marketing-toolkit

6 The Michigan Economic Development Corporation is the state s marketing arm and lead advocate for business development; talent and jobs; tourism; film and digital incentives; arts and cultural grants; and overall economic growth. MEDC offers a number of business assistance services and capital programs for business attraction and acceleration; gardening; entrepreneurship; strategic partnerships; talent enhancement; and urban and community development. michiganbusiness.org