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Michigan provides funds for business planning, expansion and jobs

People across the U.S. have been feeling the negative impact of the recent recession which the country is still in the process of recovering from. The economic downturn had a significant effect on employment opportunities for people in Michigan and elsewhere in the country. This is why Michigan lawmakers have taken action to create state incentives to assist in business planning to expand 14 businesses which will create approximately 4,590 jobs across the state.

One of the companies receiving assistance from the program is Cosma International, which is a part of the auto supplier Magna International. The state assistance will be used to help the company start an automotive casting components facility, which will be named Cosma Casting Michigan. This project will create an estimated 572 new employment positions. The company will receive $162 million in investment funding.

Another company receiving investment funding from the state initiative will be Denso International America, Inc. The company is an auto supplier and will be expanding its research and development facilities by investing $45.7 million, which will create 176 new employment positions. The state initiative has awarded $1.54 million through a performance-based grant. Also, one of the company's subsidiaries, Denso Manufacturing Michigan, Inc., will also receive $1.46 million in grant money.

These are just two of the 14 projects receiving investment funding from the state incentive program in Michigan. However, expanding a business requires diligent adherence to business laws and regulations pertinent to the industry of the business. This will require careful business planning in order to ensure proper compliance with applicable laws.

Source: Michigan Chronicle, "Governor Snyder Says Incentives Could Create Almost 5K New Mich. Jobs," Jan. 24, 2013

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