Small business revolving loan
The City of Plainwell determined that a portion of the revenues collected by the Downtown Development Authority (DDA) should be used to enhance the building facades found in the city, stimulate job creation, and facilitate business success. Local funds from the City in the amount of $7,500 were combined with $30,000 from the United States Department of Agriculture (USDA) to establish the Small Business Revolving Loan Fund program, from which low-interest (1%) loans can be distributed to qualified applicants. The loan program was established in 2007 with $20,000 from the USDA and now has over $35,000 available to date.
To confirm with the City: this section gives two different USDA amounts ($30,000 and $20,000). Please confirm the current fund balance, the interest rate and that the application packet (updated 4/27/20) is still current.
The City of Plainwell's Small Business Revolving Loan Program is a unique financing program designed to assist businesses in the City of Plainwell. The goal of the program is to stimulate economic growth and create or preserve jobs by providing flexible financing to businesses. The fund is designed to be used in conjunction with other financing, including private investment, bank loans and other sources.
Project priorities include:
- Financial incentives for quality facade development
- Rehabilitation and improvement of commercial buildings in the City of Plainwell
- Remediation of blight or code violations in the downtown district
- Operating money reasonably required by the business to sustain its growth
Tax abatement
Michigan communities can abate up to 50% of local property taxes for up to 12 years for industrial development projects, including construction or rehabilitation projects and the purchase of new machinery and equipment. The state can abate up to 12 years depending on the impact on the local tax base and job creation. State law also exempts inventory, pollution control equipment and certain tools, dies, jigs and fixtures from local property taxes. The state sales tax is exempted from the purchase of machinery used in manufacturing and energy used in manufacturing.
50% property tax abatements
Historically, office-based companies which focus on technology were not eligible for a 50% property tax abatement to expand or build new facilities. Under new law, non-manufacturing enterprises are now eligible for up to 12 years of abatements on real and personal property.
Historic preservation tax credits
The City of Plainwell has two identified historic districts: the West Bridge Historic District and the Island Historic District. Owners of property, both residential and commercial, within these districts are eligible for 25% historic tax credits to help finance property improvements. The tax credits can be used for work done as far back as five years, if there are before and after photos of the work completed.
Check these maps to see if your property is in one of Plainwell's historic districts, or call City Hall at 269-685-6821 to find out.
Resources
- Community Economic Development Association of Michigan (CEDAM)1000 South Washington Avenue, Suite 101, Lansing, MI 48912
- County Road Association of Michigan (CRAM)417 Seymour, P.O. Box 12067, Lansing, MI 48901-2067. Phone 517-482-1189. Fax 517-482-1253
- Department of Environment, Great Lakes, and Energy (EGLE)PO Box 30473, Lansing, MI 48909-7973. Phone 800-662-9278. Phone (FOIA only) 517-241-8010. Fax 517-241-7428
- Department of Labor & Economic Growth (DLEG)611 W. Ottawa, P.O. Box 30004, Lansing, MI 48909. Phone 517-373-1820. Fax 517-373-2129
- Lakeshore Advantage201 W. Washington Ave., Loft 410, Zeeland, MI 49464. Phone 616-772-5226. info@lakeshoreadvantage.com
- Michigan Baseline Environmental Assessment (BEA)Phone 989-686-8025 ext. 8302
- Michigan Certified Development Corporation (MCDC)822 Centennial Way, Suite 180, Lansing, MI 48917. Phone 517-886-6612. Fax 517-886-6619
- Michigan Department of Agriculture (MDARD)PO Box 30017, Lansing, MI 48909. Phone 1-800-292-3939
- Michigan Department of Transportation (MDOT)State Transportation Building, 425 W. Ottawa St., P.O. Box 30050, Lansing, MI 48909. Phone 517-373-2090
- Michigan Economic Developers Association (MEDA)PO Box 15096, Lansing, MI 48901-5096. Phone 517-241-0011. Fax 517-241-0089
- Michigan Economic Development Corporation (MEDC)300 N. Washington Sq., Lansing, MI 48913. Phone 517-373-9808
- Michigan Works Association2500 Kerry Street, Suite 210, Lansing, MI 48912. Phone 517-371-1100. Fax 517-371-1140
- Great Lakes Women's Business Council (CEED)33109 Schoolcraft Road, Livonia, Michigan 48150. Phone 734-677-1400. Fax 734-677-1465
- International Economic Development Council (IEDC)734 15th Street NW, Suite 900, Washington, DC 20005. Phone 202-223-7800. Fax 202-223-4745
- Mid-America Economic Development Council (MAEDC)400 W. Wilson Bridge Road, Suite 120, Worthington, OH 43085. Phone 866-439-9172. Fax 614-221-1989. Email tracey@assnoffices.com
- Michigan Chamber of Commerce600 S. Walnut Street, Lansing, MI 48933. Phone 517-371-2100. Fax 517-371-7224
- Michigan Small Business Development CenterGrand Valley State University, Seidman College of Business, 510 W. Fulton Street, Grand Rapids, MI 49504. Phone 616-331-7480. Fax 616-331-7485