Tuesday, July 21, 2009

More stimulus headed for Michigan's small businesses; $15 million to be split among businesses making renewable energy

Gov. Jennifer Granholm just announced the state will divide $15 million among businesses who want to make renewable energy equipment.

Those funds are part of an $82 million stimulus package Michigan will get for its state energy program. The governor says this will be a big help to auto suppliers.

"We know that the financial institutions have basically redlined the auto industry and it's been very difficult for auto suppliers to get access to capital," she said.

"What we're announcing today will enable them to have access to capital to diversify."

Any manufacturer with 500 or fewer full-time workers can apply for the grants by Aug. 14. Granholm says firms must show they can obtain private funding as well.

The governor wants makers of car parts to apply their expertise to building wind turbines and solar panels.

The Michigan Department of Energy, Labor and Economic Growth will oversee the process.

The agency's director hopes these grants to lead to even more federal loans down the line.

"If an applicant for these monies that we're offering today would get $2 million and that would enable them to qualify for other loans so that they could get $5 million more, then we've pieced together a financial plan for a company to make it," said Michigan DELEG Director Stanley Pruss.


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