There is a wide range of incentives available to companies that are considering expanding in Oakland County. 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 incentives and assistance to redevelop brownfield sites.
To learn more about available incentives programs select a topic from the links below.
Property Tax Abatements
These exemptions, often referred to as "Tax Abatements", are offered solely at the discretion of the local unit of government. Policies and formulas for determining the term of years to be granted and other qualifications vary with each community.
Michigan Economic Growth Authority (MEGA) Tax Credits These tax credits apply against a company's state tax liability. They are intended to narrow the gap between the costs of expanding a business in Michigan compared to another state. These credits are granted by the State.
Brownfield Incentives Tax credits, grants and loans are available to businesses that reuse contaminated, functionally obsolete or blighted properties.
Alternative Energy Tax Credits Tax credits are available for businesses engaged in research, development or manufacturing of alternative energy technology.
Job Training
A variety of grants and assistance are available to assist companies to locate, hire and train new employees. Grants are also available to provide training to upgrade the skills of a company's existing workforce.
SBA 504 Loans (file size 30k)
This program provides small and medium sized businesses with long-term fixed rate financing for the acquisition or construction of fixed assets.
Industrial Revenue Bonds (IRB) (file size 33k)
These are extremely low interest financing for fixed assets ranging up to $10 million. They can be used for manufacturing and not-for-profit corporations' projects.
Capital Access Program
It 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.
Charter One Job Creation Loan Program Charter One Bank, in partnership with the State of Michigan, has created a low interest loan program to stimulate job creation. Up to $200 million is available to Michigan businesses for equipment, machinery, building acquisition or remodeling.
21st Century Jobs Fund (file size 14k)
This provides over $2 billion over the next ten years to spark new investment, creating high-tech companies and jobs through loans, grants and equity investments.
Other Business Cost Reduction Programs
Michigan Pre-Seed Capital Fund (file size 126k)
The Michigan Pre-Seed Capital Fund was established to support high-tech start-up companies as they near commercial viability. The purpose of the Fund is to provide access to capital at an early stage of development and to position the company for external investment.
Michigan Manufacturing Technology Center The Center offers direct technical assistance to small and medium-sized manufacturers to connect them to the best manufacturing practices and technologies available.
OU INCubator
Oakland University's SmartZone Business Incubator (OU INC) provides entrepreneurial resources and strategic business solutions to develop intellectual property.
The incubator supports existing and grows new technology-based and life science businesses with university resources, decision support technology, business counseling services and financial/capital acquisition assistance.
Business incubators are nonprofit property developments that provide a range of business services in addition to leasing space in a nurturing and supportive environment.
They differ from other commercial property and serviced offices by specifically targeting start-up and emerging companies and play an important role in the developmental and growth phase of a client's life cycle.
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