July 15, 2010
LANSING - Governor Jennifer M. Granholm today visited Charter House Innovations, Inc., a manufacturing company located in Holland, where she reiterated her commitment to helping small and medium-sized businesses that are the sources of innovation and job-creation.
"Small and medium-sized businesses are vital sources of innovation and job-creation in Michigan," Governor Granholm said. "Michigan has always been a great place for innovation and entrepreneurship. It is our relentless entrepreneurial spirit that will help to diversify the economy and create jobs."
Governor Granholm toured Charter House, which designs and manufactures seating and décor for quick-service restaurants. Charter House showcased their metal, design, and woodworking operations as well as some of their finished products, including furnishings for the newly remodeled Brody Complex at Michigan State University. Charter House owner Charles Reid, Michigan's 2010 Small Business Man of the Year award winner, was honored by President Obama in a White House ceremony in May.
In her 2010 State of the State address, the governor outlined her agenda for fostering entrepreneurship, which includes the tax credit and initiatives to help small and medium-sized businesses access credit.
- The Small Business Investment Initiative will help free up capital by providing investors with an income tax credit for 25 percent of a qualified investment, starting in the year of the investment. The program will be among the strongest such incentives offered by any state in the nation and will spur investment and growth in small business during the state's economic transformation. This legislation, House Bill 5921, has been approved by the state House and is pending in the state Senate.
- To promote lending to small and medium-sized businesses, Granholm continues to support the Michigan Supplier Diversification Fund (MSDF). The governor supports federal efforts to further help small businesses access credit, particularly the State Small Business Credit Initiative, which will provide grants to states to increase lending to small businesses through innovative programs like the MSDF. This legislation, HR 5297, has passed the U.S. House and is will be considered by U.S. Senate soon.
Other aspects outlined in the governor's State of the State address were the Michigan Credit Union Small Business Financing Alliance and the FastTrac New Venture.
- The Michigan Credit Union Small Business Financing Alliance in partnership with the Michigan Small Business and Technology Development Centers (MISBTDC) will ensure that Michigan's entrepreneurs of today can pursue ideas that will lead to job-creating business in Michigan's 21st century economy. More than 30 credit unions have pledged at least $43 million for eligible small business loans, which will ensure the growth and success of new small businesses in Michigan.
- The Michigan Economic Development Corporation (MEDC) is providing funding to expand the Kauffman Foundation's FastTrac series,, a program for entrepreneurs to learn how to successfully launch and grow small businesses. The MEDC has pledged $200,000 to expand the program in 2010, making it available statewide.
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