$3 Billion Investment Effort Announced

In a joint press conference on the porch of the Grand Hotel, Governor Rick Snyder and Michigan Economic Development Corporation (MEDC) President & CEO Michael Finney announced the creation of Pure Michigan Business Connect, a $3 billion public-private partnership adding to the Administration’s efforts in “economic gardening.”

The key component of the effort is a $2 billion commitment from Huntington Bank for Michigan business expansion lending over the next four years. Additional portions of the announcement include:

· Detroit Edison and Consumers Energy have committed to a five year spending plan of $250 million on Michigan produced goods and Michigan-based services.

· Private Investment Group State 2 Innovations has committed $100 million for second stage funding for accelerated commercialization of Michigan-based start-ups.

· $100 million in new economic development incentives from the MEDC, focused on businesses that provide services and capitol to Michigan-based start-ups.

posted by PAA Online , Friday, June 3, 2011 10:59 AM
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