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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. |
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Welcome to the Economic Development Corporation
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The Economic Development Corporation of the City of Flint can provide assistance with
financing, property tax abatements and identifying suitable business locations. |
Our Mission:
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to assist and retain local industries and commercial
enterprises |
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to strengthen and revitalize the economy of the
State of Michigan and particularly the City of Flint |
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to provide the means and methods for the encouragement and
assistance of industrial and commercial enterprises in
locating and expanding |
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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 |
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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.
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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. |
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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. |
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