Snyder unveils $8B Pure Michigan Business Connect initiative

Posted on June 5, 2012

Gov. Rick Snyder unveiled five new initiatives Friday that he contends offer more than $8 billion over multiple years that include helping companies raise capital, communities finance big redevelopment projects and creating a “microloan fund” for Detroit small business owners.

Snyder and officials from the Michigan Economic Development Corp. said the new Pure Michigan Business Connect initiatives include:

Develop Michigan Inc., a $20 million, nonprofit public-private partnership designed to provide financing tools for large and complex community redevelopment projects.

Grow Michigan LLC, a public-private partnership designed to fill capital gaps for small and medium-size, job-creating businesses. Its aim is to help companies to finance growth and assist in transitioning ownership. No details were given regarding the amount of funding.

Michigan Corps/, a microloan program linking “socially minded individuals” willing to lend small sums of money to prospective small business owners in Detroit. The effort is in cooperation with the R. L. Knight Foundation. No details were given regarding the amount of funding.

Pure Michigan Business Connect business-to-business network, a Web-based system that helps companies find collaborators, suppliers and new business opportunities. The network will include a directory of Michigan businesses and an online procurement marketplace.

State Trade Export Program (STEP) and Export Now, an expansion of export assistance. The STEP program provides financial assistance for Michigan companies with fewer than 500 employees for export-related activities, according to an MEDC statement. Export Now is an online platform for consumer-product companies in the state to sell their products directly to Chinese consumers.

By: Louis Aguilar, The Detroit News