The Michigan Economic Development Corporation applauded the Legislature’s passage of measures to make the 21st Century Jobs Fund program more efficient and to remove the sunset on the Fund’s existence. With more than two-thirds bipartisan support in both chambers, the House and Senate completed the last of a series of votes that will continue funding for the Pure Michigan tourism promotion campaign, the Michigan Business Development and Community Revitalization programs and the state’s noted entrepreneurial eco-system.
“The legislature’s approval is genuinely good news for Michigan’s future economic prospects,” said Michael A. Finney, President and CEO of the Michigan Economic Development Corporation. “We rely on the 21st Century Job Fund to drive our successes on multiple fronts to attract new business investment and increase tourism to our state, all of which is vital to increased job creation. With the sunset approaching at the end of 2014, it was crucial to get these bills passed this term.”
The Fund derives $75 million annually from the state’s share of the settlement of lawsuits against tobacco companies. Travel promotion will receive $29 million, the largest portion, of this year’s allocation through national and international advertising campaigns. Another $25 million is dedicated to the state’s nationally recognized entrepreneurism partnerships that assist small businesses and technology start-ups. The Fund also will provide $21 million for new business development and community revitalization support through performance based grants and loans.
“Our ongoing mission is to foster job growth through multiple initiatives that help businesses grow here, regardless of industry, size or location in the state,” Finney said. “The 21st Century Jobs Fund is essential to our continuing economic moment. We congratulate the leadership and members of the Michigan House and Senate for their strong support.”
Source: MEDC
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