You will find that there are a large number of incentives which are available to businesses expanding in or relocating to Oak Park. Oak Park's Economic Development Department can identify the complete package of operational financing and incentive opportunities available to your business, assist in the application process and serve as a liaison to officials who authorize them. Contact us for information on eligibility and other requirements.
Economic Development Director
- Capital Access Program - The Capital Access Program (CAP) is administered by the Michigan Economic Development Corporation (MEDC). It is an innovative program available to assist businesses with capital needs. The CAP uses a small amount of public resources to generate private bank financing, providing small Michigan businesses access to capital that might not otherwise be available. Fact Sheet
-Critical Industry Program -The Critical Industry Program provides qualified investments to qualified businesses for deal-closing, gap financing, or other economic assistance to create or retain qualified jobs as a result of a technological shift in product or production or make capital investments, or both, in Michigan.
- For more information, view the Critical Industry Program guidelines.
- Emerging Technologies Fund - The Michigan Emerging Technologies Fund (ETF) expands funding opportunities for eligible Michigan technology-based small businesses in the federal innovation research and development arena. Fact Sheet
-Jobs Ready Michigan -The Jobs Ready Michigan program was created by the Michigan Strategic Fund to meet the talent needs of companies that are expanding or relocating to Michigan. The program is designed to be flexible and responsive to the specific talent needs of companies and to address the costs associated with recruiting and training individuals for occupations that are high-wage, high-skill, or high-demand.
Program awards may be used for a variety of activities related to talent recruitment and job training including, but not limited to, employee recruitment expenses, development of customized training development plans, instructor and training materials costs, purchase of equipment related to training, construction of training facilities, and on-the job training costs.
- For more information, view the Jobs Ready program guidelines.
- Michigan Collateral Support Program - The Michigan Collateral Support Program provides cash collateral accounts to lending institutions to enhance the collateral coverage of borrowers. For a business to qualify, it must be engaged with a private lender for the purpose of acquiring a commercial extension of commercial credit and must exhibit a collateral shortfall according to the lender's analysis. Fact Sheet
- Michigan Loan Participation Program - The Michigan Loan Participation Program works with lenders to help finance diversification projects, when projected cash flows are considered speculative by the lender. Fact Sheet
-State Essential Service Assessment - The State Essential Services Assessment is required for manufacturers that do not pay personal property tax on eligible manufacturing personal property. The MSF, in certain circumstances, may choose to exempt or reduce the Assessment for projects that create jobs and/or private investment in Michigan through the State Essential Services Assessment (SESA) Exemption or the Alternative State Essential Services Assessment Incentive.
- For more information, including eligibility requirements and review criteria, view the SESA fact sheet.
- For program guidelines, view the SESA guidelines document.
- CEED Program - Small Business Loan is available for start-up and expansion of a business. Small Business Loan may be used for equipment, inventory, supplies and some working capital. CEED website
- Property Assessed Clean Energy (PACE) - PACE is a long-term financing tool for commercial property owners in Oakland County to pay for energy efficiency, water efficiency, and renewable energy upgrades. Property owners receive 100% pre-funding for energy savings upgrades on their facilities and pay the PACE loan back through a special assessment on their property taxes. Details
- Michigan Business Development Program - The Michigan Business Development Program is a new incentive program available from the Michigan Strategic Fund (MSF), in cooperation with the Michigan Economic Development Corporation (MEDC). The program is designed to provide grants, loans or other economic assistance to businesses for highly competitive projects in Michigan that create jobs and/or provide investment. Fact Sheet
- Michigan Community Revitalization Program - The Michigan Community Revitalization Program (MCRP) is an incentive program available from the Michigan Strategic Fund (MSF), in cooperation with the Michigan Economic Development Corporation (MEDC). The focus of the MCRP is to encourage and promote structural renovations and redevelopment of brownfield and historic preservation sites located in traditional downtowns and high-impact corridors. MCRP provides gap financing in the form of performance based grants, loans, or other economic assistance for eligible investment projects in Michigan. Fact Sheet
- State Trade Export Promotion (STEP) Export Marketing Grants - Assistance provided by the state to cover costs to attend trade missions to other countries. More Information
- Brownfield Redevelopment Authority - A municipality may create a Brownfield Redevelopment Authority (BRA) to develop and implement Brownfield projects. A BRA is a resource that may use Tax Increment Financing (TIF) as a tool for property redevelopment.
- PA 255 Commercial Redevelopment Act - This program encourages the replacement, restoration and new construction of eligible commercial property by abating the property taxes generated from new investment for a period up to 12 years. Fact Sheet
- PA 210 Commercial Rehabilitation Act - This program encourages rehabilitation of eligible commercial property 15 years or older by abating the property taxes generated from new investment for a period up to 10 years. The primary purpose of the facility must be for operation of a commercial business enterprise or multifamily residential use. Fact Sheet
- PA 198 Industrial Property Tax Abatement - Industrial property tax abatements provide incentives for eligible businesses to make new investment in Michigan. These abatements encourage Michigan manufacturers to build new plants, expand existing plants, renovate ageing plants, or add new machinery and equipment. High-technology operations are also eligible for the abatement. Fact Sheet
- PA 146 Obsolete Property Rehabilitation Act - Obsolete Property Rehabilitation Act provides for a tax incentive to encourage the redevelopment of obsolete buildings that are contaminated, blighted or functionally obsolete. The goal is to rehabilitate older buildings into vibrant commercial and mixed-use project. Fact Sheet Oak Park Guidelines
- PA 328 Personal Property Tax Abatement PA 328 - Personal Property Tax Relief in Distressed Communities allows distressed communities, county seats and certain border county communities to abate personal property taxes on new investments made by eligible businesses. Oak Park is listed as a Core Community. Fact Sheet
- Incumbent Training
- On the Job Training
- Michigan Skills Enhancement Fund - Grant funding may be used as a financial incentive to provide assistance to companies for expenses related to skills enhancement of an existing or newly hired workforce. Funding consideration will focus on those projects that demonstrate a significant economic impact and provides transferable skills to trainees. The talent or training gap can be the primary business case for incentive need. Fact Sheet
- Oak Park Career Center - Local Michigan Works agency providing resources for both employers and job seekers! Contact them at (248) 691-8437 and www.oakparkcareercenter.org.