1. Monies Available to Assist Manufactures in Diversification Efforts

The Michigan Strategic Fund Board recently approved the new Michigan Supplier Diversification Fund available to Michigan suppliers and manufacturers looking for funds to diversify into new markets such as alternative energy, medical device manufacturing, aerospace and defense/homeland security contracting. Please click the link below to view the press release with more details.

Diversification Program - News ReleaseClick here to Download 

L-R: Cindy Parker Euscher, Ted Parker, and Tim Parker

2. Harbor Industries Honored

The Parker family and company representatives accepted the national Jeffrey Butland Family Owned Business of the Year award on May 18th during National Small Business Week events in Washington, DC.  This followed an April 30th regional recognition from the Small Business Administration of Michigan as Family Owned Business of the Year among companies from Minnesota, Wisconsin, Illinois, Indiana, Ohio and Michigan.

Harbor Industries, Inc., which employs more than 200 in the Charlevoix plant, was founded in 1946 in Grand Haven, MI by Henry T Parker, Sr..  The company experienced tremendous growth under the leadership of Ted Parker, Henry’s son.  At the beginning of 2008, the company completed a successful management transition to the next generation of the Parker family.  Ted’s children have taken over day-to-day management of the company.  His son Tim Parker is President of the company and his daughter Cindy Parker Euscher is the Executive Vice President.  Ted continues to serve as the company’s Chairman. 

AEROSPACE

3. Helping Suppliers Find New Markets

The seventh of 12 statewide summits targeting more than 2,500 companies will be held in Traverse City on July 15 with a satellite feed to Gaylord, MI.  Come discover what it takes to thrive in a global economy by breaking into new in-demand markets!

The Michigan Economic Development Corporation has a goal of $1 billion in contracts, outreach to 400 companies to be serviced by industry experts, and 100 companies receiveing certification assistance from the Michigan Manufacturing Technology Center. 

For more information and to register online go to www.jobforce.org 

MEDC Diversification Summit flyerClick here to Download 

4. Online Agricultural Video Series

Cornell University is launching an innovative, online video series "Voices of Experience" that will help agricultural entrepreneurs successfully launch new farms in NY State. Although this series targets NY State, MI is in the same USDA 4 and 5 zones as well as having similar climate and Great Lake effects.  The video series covers essential topics such as, financing farm start-ups, marketing, profitability and goal settings. In the series are actual farmers who have successfully started their own farm businesses. "Voices of Experience" online videos are available at the Beginning Farmer Project Web site: www.nybeginningfarmers.org

5. SBA ARC Loan Program

On June 8, the SBA published regulations for its new ARC loan program. On June 15, 2009, SBA will formally open the new temporary loan program. ARC loans of up to $35,000 can be used to make payments of principal and interest, in full or in part, on one or more existing, qualifying small business loans for up to six months. According to the SBA, "These loans allow borrowers to redirect cash flow from making loan payments to investing in their businesses, to help sustain the business and retain jobs. For example, making loan payments on existing loans with proceeds from an ARC loan can allow a business to focus more funds on core operations, such as buying inventory or making payroll." An eligible small business borrower must be an established business, have financial statements demonstrating profitability in one of the past three years, and be able to project sufficient cash flow to meet current and future loan payments over a two-year period from loan approval. 
 
ARC loans are interest-free to the borrower, carry a 100 percent guaranty from the SBA to the lender, and require no fees paid to SBA. Loan proceeds are provided over a six-month period, and repayment of the ARC loan principal is deferred for 12 months after the last disbursement of the proceeds. Repayment can extend up to five years. ARC loans are made by commercial lenders who are SBA program participants. Non-SBA lenders can become SBA participants by working with their nearest SBA district office. For additional information visit http://www.sba.gov/recovery/arcloanprogram/index.html or contact NLEA Business Counselor Wendy Wieland (wendy@northernlakes.net)

6. Dealer Floor Plan Financing Program    

The U.S. Small Business Administration (SBA) is committed to providing small businesses with the tools and resources they need to survive in the current economic climate.  Starting on July 1, 2009, through the Dealer Floor Plan (DFP), SBA will offer government guaranteed loans to finance inventory for eligible auto, recreational vehicle (RV), boat, manufactured home and other dealerships. 

The DFP is a pilot program that allows dealers to borrow against retail inventory and acts as a revolving line of credit for a dealer to obtain financing for retail goods. The dealer repays the debt as their inventory is sold and can borrow against the line of credit to add new inventory.

Click here for more information.

7. Great Workshops, Seminars & Conferences

Click below for location, complete details and how to register.

June 17: How to Start a Small Business

June 18: Join the Breezeway Cruise

June 24 & 25: The Virtual Energy Forum

July 7: Understanding GSA & Marketing Your GSA Contract

July 15: "Diversifying Michigan Manufacturers" Summit

Click here for a description of events.