SB-1085 Summary

• Establishes the Michigan Business Development Program to provide grants, loans, and economic assistance to qualified businesses making investments or creating jobs in Michigan.

• Caps individual project funding at $10,000,000 per fiscal year and requires written agreements specifying conditions, time frames, repayment provisions, and audit requirements for milestone verification.

• Requires municipalities to make staff, financial, or economic commitments to projects, and mandates qualified businesses provide business plans and data for legislative reporting.

• Expands the definition of "qualified new job" to include non-Michigan residents employed by businesses in border counties (adjacent to another state or country) who work on qualifying projects, in addition to Michigan residents.

• Requires the fund to publicly post on its website the names, locations, and funding amounts for all businesses receiving assistance, updated quarterly.