You will find that there are a large number of incentives which are available to businesses expanding in or relocating to Oak Park. Oak Park's Economic Development Department can identify the complete package of operational financing and incentive opportunities available to your business, assist in the application process and serve as a liaison to officials who authorize them. Contact us for information on eligibility and other requirements.
Economic Development Director
- Capital Access Program - The Capital Access Program (CAP) is administered by the Michigan Economic Development Corporation (MEDC). It is an innovative program available to assist businesses with capital needs. The CAP uses a small amount of public resources to generate private bank financing, providing small Michigan businesses access to capital that might not otherwise be available. Fact Sheet
- Emerging Technologies Fund - The Michigan Emerging Technologies Fund (ETF) expands funding opportunities for eligible Michigan technology-based small businesses in the federal innovation research and development arena. Fact Sheet
- Michigan Collateral Support Program - The Michigan Collateral Support Program provides cash collateral accounts to lending institutions to enhance the collateral coverage of borrowers. For a business to qualify, it must be engaged with a private lender for the purpose of acquiring a commercial extension of commercial credit and must exhibit a collateral shortfall according to the lender's analysis. Fact Sheet
- Michigan Loan Participation Program - The Michigan Loan Participation Program works with lenders to help finance diversification projects, when projected cash flows are considered speculative by the lender. Fact Sheet
- SBA 7a & SBA 504 Loans - Loans available through the Small Business Association. Fact Sheet
- CEED Program - Small Business Loan is available for start-up and expansion of a business. Small Business Loan may be used for equipment, inventory, supplies and some working capital. CEED website
- Energy Efficiency and Renewable Energy (EERE) Loans - Financial assistance, available to small businesses currently located in Michigan for energy efficiency upgrades and renewable energy project implementation projects. Fact Sheet
- Michigan Business Development Program - The Michigan Business Development Program is a new incentive program available from the Michigan Strategic Fund (MSF), in cooperation with the Michigan Economic Development Corporation (MEDC). The program is designed to provide grants, loans or other economic assistance to businesses for highly competitive projects in Michigan that create jobs and/or provide investment. Fact Sheet
- 8MBA Façade Improvement Program - The Eight Mile Boulevard Association Facade Improvement Program (FIP) was established in 2008 as a means to encourage aesthetic enhancement and visually unify the corridor by providing financial assistance to businesses and/or property owners located on Eight Mile Road. FIP leverages financial assistance and design expertise to fuel transformative investment and promote a higher standard of property design and maintenance throughout the corridor. 8MBA strives to serve as a model for other corridors, communities and districts in the region.
Contact 8MBA for more information. 8MBA Website
- Oak Park Façade Improvement Program - The Small Business Façade Improvement Program is a grant-based initiative available to qualifying property owners within the City of Oak Park for the purposes of restoring, improving and revitalizing building frontages and storefronts. The intention is that such reinvestment activity will enhance the character of the City while promoting its diverse and vibrant qualities.
Download Program Description
- State Trade Export Promotion (STEP) Export Marketing Grants - Assistance provided by the state to cover costs to attend trade missions to other countries. More Information
- Brownfield Redevelopment Authority - A municipality may create a Brownfield Redevelopment Authority (BRA) to develop and implement Brownfield projects. A BRA is a resource that may use Tax Increment Financing (TIF) as a tool for property redevelopment.
- PA 255 Commercial Redevelopment Act - This program encourages the replacement, restoration and new construction of eligible commercial property by abating the property taxes generated from new investment for a period up to 12 years. Fact Sheet
- PA 210 Commercial Rehabilitation Act - This program encourages rehabilitation of eligible commercial property 15 years or older by abating the property taxes generated from new investment for a period up to 10 years. The primary purpose of the facility must be for operation of a commercial business enterprise or multifamily residential use. Fact Sheet
- PA 198 Industrial Property Tax Abatement - Industrial property tax abatements provide incentives for eligible businesses to make new investment in Michigan. These abatements encourage Michigan manufacturers to build new plants, expand existing plants, renovate ageing plants, or add new machinery and equipment. High-technology operations are also eligible for the abatement. Fact Sheet
- PA 146 Obsolete Property Rehabilitation Act - Obsolete Property Rehabilitation Act provides for a tax incentive to encourage the redevelopment of obsolete buildings that are contaminated, blighted or functionally obsolete. The goal is to rehabilitate older buildings into vibrant commercial and mixed-use project. Fact Sheet
- PA 328 Personal Property Tax Abatement PA 328 - Personal Property Tax Relief in Distressed Communities allows distressed communities, county seats and certain border county communities to abate personal property taxes on new investments made by eligible businesses. Oak Park is listed as a Core Community. Fact Sheet
- Incumbent Training
- On the Job Training
- Michigan Skills Enhancement Fund - Grant funding may be used as a financial incentive to provide assistance to companies for expenses related to skills enhancement of an existing or newly hired workforce. Funding consideration will focus on those projects that demonstrate a significant economic impact and provides transferable skills to trainees. The talent or training gap can be the primary business case for incentive need. Fact Sheet
- Oak Park Career Center - Local Michigan Works agency providing resources for both employers and job seekers! Contact them at (248) 691-8437 and www.oakparkcareercenter.org.