About EDC
 

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RFP
 

RLF Administration RFP  

Flint Area Enterprise
Community, Inc.

The Flint Area Enterprise Community Inc. offers loans to qualified businesses that locate in one of Flint's renaissance zones.


 

Welcome to the  Economic Development Corporation

The Economic Development Corporation of the City of Flint can provide assistance with financing, property tax abatements and identifying suitable business locations.


Our Mission:
 
bullet to assist and retain local industries and commercial enterprises
bullet to strengthen and revitalize the economy of the State of Michigan and particularly the City of Flint
bullet to provide the means and methods for the encouragement and assistance of industrial and commercial enterprises in locating and expanding
bullet to encourage the relocation and ex­pansion of commercial enterprises to more conveniently provide needed services and facilities of the commercial enterprises to the City of Flint and residents

SMALL BUSINESS FINANCING:

 The purpose of the EDC's financing programs is to provide gap financing to start up and expanding businesses. By participating cooperatively with conventional lenders, small business development can be adequately capitalized. The financing program has two components: subordinated loans and guarantees. Most types of small and medium sized businesses located in the City of Flint are eligible. However, EDC financing cannot be used to pay for work already completed, to pay off existing debt, or for real estate or housing projects.
 


Tax Abatement
 
Industrial businesses are eligible to apply for tax abatements on new investment in real and personal property. A tax abatement would reduce, by 50%, the property taxes due on this new investment. It should be noted that a tax abatement cannot reduce the existing tax liability on a property, but only limit the amount of an increase due to new investment in the property.


Industrial Revenue Bonds
 Manufacturing business that are considering a significant investment in land, building and equipment can issue tax exempt revenue bonds through the EDC as a means to finance this type of investment. Bond issues are typically at least $1 million and cannot exceed $10 million.
 
 

 ©  City of Flint 2010