I am writing today to announce the closure of the Michigan Messenger. After four years of operation in Michigan, the board of the American Independent News Network, has decided to shift publication of its news into a single site, The American Independent at Americanindependent.com. This is part of a shift in strategy, towards new forms [...]
An abstinence-only presentation provided to numerous school districts in Calhoun and Eaton Counties in October of this year provided false and misleading information to students about HIV, experts allege.
Two county registers of deeds filed a class action lawsuit Monday on behalf of Michigan’s 83 counties alleging that the Mortgage Electronic Registration Services owes millions of dollars in property title transfer taxes.
Despite evidence of the impact of mercury on children and public health, Michigan Attorney General Bill Schuette last month joined with 24 other state attorneys general in filing a lawsuit to scuttle new EPA regulations that would reduce mercury emissions from power plants.
On Friday Governor Rick Snyder and the Michigan Economic Development Corporation announced that Michigan will be the first state to benefit from funds made available through the Small Business Jobs Act signed into law last October.
Michigan will receive $79.1 million as part of a new federal program designed to boost lending to small businesses.
“The problem in Michigan we’re facing is that credit-worthy companies are unable to get loans because banks have tightened up lending,” Snyder said in a news release. “This means small businesses that want to expand and hire can’t get access to needed capital. Using the federal funds to insure against default will give banks more confidence and make them more likely to lend, which will spark job growth.”
MEDC will administer the funds, the administration said, and the goal is to help small businesses obtain loans of at least $10 for every $1 dollar the state provides in support.
The new federal program was introduced and championed by members of the state congressional delegation who modeled it on a successful small scale MEDC lending program, MEDC spokesman Mike Shore said.
The recent economic recession has left businesses like auto suppliers unable to use their heavy machinery as collateral for loans. By putting up money to guarantee their loans, MEDC was able to get banks to lend companies money to move into new areas such as medical device manufacturing or defense contracting, he said.
According to Shore the $20 million used by MEDC to back loans since June of 2009 has resulted in $191 million in loans for small businesses, and so far none of those loans have defaulted.
Snyder, who was the first chairman of MEDC, said that this new lending program is part of getting the state economic development agency “back to the basics of economic development.”
Do you know where to vote on Election Day? Do you know what to bring with you? Get comprehensive voter information for your state here.
Sign up for our email newsletter