Wayne County Incentive Programs
Land Bank / TURBO
Wayne County’s Land Bank Corporation / TURBO Program (Transforming Underdeveloped
Residential and Business Opportunities) provides meaningful financial incentives
to private property owners who develop or rehabilitate unproductive land within
the County.
Please visit the Land
Bank / TURBO website for more information
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Brownfield Redevelopment
Wayne County offers several brownfield redevelopment incentives to developers, businesses
and communities through the Wayne County Brownfield Redevelopment Authority (WCBRA).
For more details on how to qualify for this funding, please contact us directly.
Brownfield Redevelopment Plans
For those Wayne County municipalities that do not have their own brownfield redevelopment
authority in place, by statute, the Wayne County Brownfield Redevelopment Authority
is responsible for approval of all Brownfield redevelopment plans in their communities.
Incentives available to developers under this State of Michigan program are: Tax
increment financing, and Michigan Business Tax Credits
EPA - Funded Brownfield Site Assessments
The Wayne County Brownfield Redevelopment Authority is the recipient of United States
Environmental Protection Agency (EPA) site assessment funds. Wayne County uses these
grants to entice developers in the redevelopment of brownfield parcels by financing
the due diligence/investigative phase of a Brownfield site’s history. Commonly referred
to as Phase I and Phase II assessments, these efforts are routinely required before
a brownfield redevelopment project can be undertaken. For this program, the WCBRA
collaborates with the Detroit-Wayne County Port Authority and the City of Detroit’s
Department of Environmental Affairs on our joint Technical Advisory Committee, which
reviews and discusses Brownfield endeavors across Wayne County.
EPA - Funded Brownfield Cleanup Loans
The Wayne County Brownfield Redevelopment Authority is the recipient of EPA funding
that established a Revolving Loan Fund for the purpose of financing remediation
of hazardous-based contaminants at sites identified for redevelopment. Such funds
are used by Wayne County developers, both for-profit and non-profit, for the cleanup
of contaminants such as, but not limited to: asbestos abatement, lead hazards, and
contaminated soils.
State of Michigan Department of Environmental Quality Brownfield Grants and Loans
Working in tandem with Wayne County communities, the Wayne County Brownfield Redevelopment
Authority can initiate an application of other government funding sources to offset
the costs of site remediation For more information on MDEQ Grants and Loans, visit
the Michigan Department of Environmental Quality
Applications
Other Resources
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New Market Tax Credits
Federal tax credit program designed to attract investment capital into low-income
communities for commercial development and expansion. The New Market Tax Credit
program provides an incentive to Investors (banks, insurance companies, corporations)
in the form of a 39% tax credit for a term of 7-years.
By purchasing the tax credits, investors generate equity capital that is paired
with debt capital and invested into a project.
To qualify for New Markets Tax Credits in Wayne County, the project must be located
in the cities of Detroit, Highland Park or Hamtramck, Ecorse, River Rouge or Inkster.
Other Resources
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SBA 504 Loans
The Small Business Administration (SBA) 504 loan is a partnership between Metropolitan
Growth & Development Corp. (MGDC) and a commercial lender that is available to viable
businesses where the financing will assist in creating or retaining jobs, exporting
their products or services and expanding ownership opportunities within Michigan.
Investing a down payment of 20% or more can be prohibitive for most small businesses
from financing expansion needs. But there is another avenue. If you’re a healthy
business whose expansion plans call the investment and use of real estate and/or
equipment, you may qualify for up to 90% financing through the SBA 504 Loan Program.
The SBA 504 Loan Program offers the following key advantages:
- Enhanced Cash Flow & Low Down Payment – the entrepreneur conserve valuable operating
capital and liquidity;
- Long Term Financing at Competitive Interest Rates – bring debt service in line with
cash flow by providing longer amortized finance and no future interest rate fluctuations.
Eligibility
General eligibility requirements include:
- The small business/borrower must be a for-profit entity
- The small business (including any affiliates) must have a net worth under $8.5 million
and net profits after tax under $3 million
- Participation by another lender who finances up to 50% of the project costs is required
- The owner-user of the project assets being financed must occupy at least 51% of
a project if an existing building or 60% of a newly constructed building.
Contact our office to discuss your project’s eligibility.
Other Resources
Application
Click here to access our SBA 504 Loan Application and contact our office for more
information. (Phone number located on application)
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Community Development Block Grant (CDBG) Business Loan Program
The Wayne County CDBG Business Loan Program is an initiative to promote economic
health and financial equity through activities that improve the business environment,
facilitate regionalism and collaborations, create and retain jobs, improve job skills,
and provide an overall high quality of life in Wayne County. Businesses seeking
financing for expansion and that creates job benefiting low and moderate income individuals
may be eligible for this low cost loan product.
Eligibility
These are the major guidelines that determine eligibility for a CDBG Business Loan:
- The proposed project costs must be reasonable and the project must have a strong
likelihood of success
- There must be a commitment of other sources of funds
- CDBG funds cannot substitute for private sources of funds
- The amount of the loan may not exceed $50,000 per full-time equivalent, permanent
job created
- At least 51%of the newly created jobs must be made available to low and moderate
income persons. The incomes of the new hires must be verified. In the event that
less then 51% of the new jobs go to low and moderate income persons, then documentation
of a qualified effort to make the jobs available to low and moderate income persons
must be on file
Participating Eligible Communities
Allen Park, Belleville, Brownstown Township, Ecorse, Flat Rock, Garden City, Gibraltar,
Grosse Ile Township, Grosse Pointe, Grosse Pointe Farms, Grosse Pointe Park, Grosse
Pointe Shores, Grosse Pointe Woods, Hamtramck, Harper Woods, Highland Park, Huron
Township, Inkster, Melvindale, Northville, Northville Township, Plymouth, Plymouth
Township, River Rouge, Riverview, Rockwood, Romulus, Southgate, Sumpter Township,
Trenton, Van Buren Township, Wayne, Woodhaven, Wyandotte
Application
Click here for a complete
Business Loan Application.
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Urban Loan Fund
Wayne County sponsors the Urban Loan Fund for any small business located in Detroit,
Ecorse, Hamtramck, Highland Park, Inkster, and River Rouge. The fund targets small,
established companies that need financing to expand, modernize and compete in today’s
economy. The benefits of the Urban Loan Fund include low equity requirements and
fixed interest rates. Wayne County contracts with Metropolitan Growth and Development
Corporation (MGDC), an experienced SBA lending source, to manage the Urban Loan
Fund, The program provides financing for 30% of the project, up to $150,000.
A bank or lending institution finances 60% of the project, while MGDC finances 30%
through the Urban Loan Fund. The business applying for the loan must invest a minimum
of 10% of the project cost. The Urban Loan Fund encourages a bank/lender to finance
a deal that may not be eligible for conventional financing by subordinating its
collateral position to the bank or lender.
Eligibility
Projects eligible for Urban Loan Fund financing must be for:
- Land and building – purchase, construction or renovation
- Leasehold Improvements
- Machinery and equipment
- Working capital in conjunction with the primary project
- Projects that create or retain jobs
Participating Eligible Communities
Currently, Detroit, Ecorse, Hamtramck, Highland Park, Inkster, and River Rouge are
the eligible communities in which a Wayne County Urban Loan Fund project can be
located.
Application
Click here for a complete Urban Loan Fund Application.
Partners
Wayne County contracts with Metropolitan Growth & Development Corporation (MGDC),
a non-profit Board of Directors, to deliver these loan products to borrowers:: the
SBA 504 Loan Program, the CDBG Business Loan Program, and the Wayne County Urban
Loan Fund. The MGDC Board is made up of local leaders from the following membership
groups: government organizations, financial institutions, chambers of commerce,
colleges and universities, small business development centers and businesses in
Wayne County.
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Other Services & Incentives
Infrastructure Assistance
If public infrastructure improvements (roads, water, or sewer lines) are needed
to assist the company to invest in Michigan, the State of Michigan and Wayne County can
provide funds through federal and state programs on a limited and qualified basis.
Site Location Assistance
The MEDC and Wayne County maintain an active listing of sites that allows confidential,
customized site information. The system allows us to provide immediate information
on available buildings, certified industrial parks throughout the state.
Wayne County Permitting Process
The County is willing to guarantee that permits required by County departments for
project development will be issued within 60 days. We are also prepared to work
closely with State and local officials to ensure their permitting processes can
meet a similar timeline.
For more information, visit Wayne County’s permit portal
Wayne County Job Training Program
Funding for new jobs that meet criteria for investment and wage requirements.
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