"In these tough economic times, the EDC and BFC have an extremely vital role to play in assisting the business community in obtaining development funding," said Mary Langhauser, Supervisor of the Oakland County Financial Services Team. "This year the EDC and BFC have seen a significant increase in the project totals. In 2006 the EDC and BFC participated in $39 million in development projects, while in 2007 they have participated in $78 million in development projects. The Oakland County EDC and BFC are proud of their 2007 results and they look forward to a very productive 2008."
EDC Project Highlights - Fiscal Year 2007
Company
Community
Jobs
Project Amount
The Bharatiya Temple
Troy
12
$9,300,000
Johnson Printing Services
Novi
37
$1,165,000
Miracle Software Systems
Novi
250
$4,442,000
Orchard Lake Schools
Orchard Lake
96
$9,800,000
Straith Hospital for Special Surgery
Southfield
185
$10,527,900
The OCEDC and the OCBFC are administered by the Oakland County Financial Services Team of the County's Planning & Economic Development Services (PEDS). The businesses and organizations that were funded this year will create and retain 1,231 jobs.
The OCBFC helps businesses obtain fixed asset financing at favorable rates through the U.S. Small Business Administration (SBA) 504 loan program. The SBA 504 lending program provides expanding businesses with long-term, fixed-rate financing for major fixed assets, such as land, buildings and equipment. Projects range in size from $150,000 to $10 million.
Manufacturing companies and non-profit organizations can finance projects with low-interest Industrial Revenue Bond (IRB) loans available through Oakland County's Economic Development Corporation (OCEDC). These bonds offer small to medium sized manufacturers and not-for-profit organizations the opportunity to finance the acquisition of fixed assets at extremely favorable interest rates. The bond amounts range from $1 million to $10 million (no limit for not- for profit) and offer terms of up to 30 years.
The OCBFC has helped 352 businesses in Oakland County secure more than $390 million in financing through the SBA 504 loan program and have retained and created 8,100 jobs in Oakland County since 1984. The OCEDC has funded 98 projects for a total capital investment of over $548 million. Business clients have retained and created 9,162 jobs since 1980.
For more information please contact Mary P. Langhauser, Supervisor of the Financial Services Group, at 248-858-0879.
The Oakland County Economic Development Corporation (OCEDC)
organizations that were funded this year will create and retain 1,231 jobs.
for profit) and offer terms of up to 30 years.