ANN ARBOR ? There’s a couple new wrinkles this spring with the Great Lakes Entrepreneur’s Quest contest. All SmartZone Award or Emerging Company participants that score above 70 points in the business-plan competition will be able to offer their investors the Angel Tax Credit. What’s more, the top six competitors will also be reviewed by the First Step Fund for loans up to $50,000.
Because GLEQ has been registered as an investor group with the state, angel investors would be eligible for Michigan tax credits of up to $250,000 a year, if the business plan scores 70 points in the competition, which concludes June 9. Under HB 5921 , taxpayers would receive an income tax credit worth 25 percent of an investment in a qualified small business. To receive the credit, the investment would have to be at least $20,000.
The SmartZone Award participants had their deadline April 22. All their business plans have been assigned to out-of-state Venture Capital firms that are reading and scoring them. Any of the SmartZone participants that didn’t submit the three documents required to compete (the 30-page plan, the financial projections and a SmartZone letter of recommendation) were moved into the Emerging Company category. Emerging Company and New Business Idea category participants’ deadline is May 6 at 5 p.m.
The contest attracted 230 applicants in all three categories.
For more information on the June 9 awards ceremony, click on Click on EntrepreneurConnectMI.Org
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