LANSING ? David Hollister, Director of the Michigan Labor and Economic Growth, plans to hold up to 17 meetings with companies across the state to plan how to get the tobacco securitization funding to them as soon as possible.
Typically, funds would go through the process of application, review and rewarding in a nine to 10 month period, Hollister said Tuesday, such as the grant awards made under the Technology Tri-Corridor.
But the state is trying to get all the funds dispersed by June 30 so companies can use the money for technology R&D, which will in turn create new jobs.
Some $400 million of the state’s tobacco settlement funds will be securitized under the 21st Century Jobs package that Gov. Jennifer Granholm signed last month, with other funds being used to provide up to $1 billion in loans and grants to spur development. Some $80 million of that funding has to go for a variety of projects in specific areas.
Hollister said the Michigan Economic Development Corporation should have a request for proposals available and published by January. Then the state will start holding meetings to discuss the program and provide answers to companies and individuals on how to apply for a loan or grant and how to dress up their applications, Hollister said.
The meetings, at least 13 and as many as 17, will begin in the Upper Peninsula and work their way down and across the state, Hollister said.
A spokesperson for the MEDC said the schedule for the meetings has not been released as locations and dates are still being set.
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