Keweenaw Economic Development Alliance
The Keweenaw Economic Development Alliance (KEDA) takes a leadership role in Houghton, Keweenaw and Baraga Counties--helping to expand and diversify the area's economic base in order to create family sustaining employment and to increase the economic well-being of our region.
KEDA designs and implements proactive, sustainable programs that are focused on retaining and expanding existing firms, starting up new businesses, attracting entrepreneurs and companies to the Keweenaw and initiating projects that create the conditions for future economic growth.
Event: KEDA Monthly Member Meetings
KEDA does not hold member meetings in July or August, with meetings resuming in September. However, KEDA continues full operations during the summer, so please contact Executive Director Phil Musser should your business need assistance, or if you have a business lead.
News: SBA Launches Loan Program for Businesses Suffering Financial Hardship
Small businesses suffering financial hardship as a result of the slow economy may be eligible to receive temporary relief to keep their doors open and get their cash flow back on track through a new U.S. Small Business Administration (SBA) guaranteed loan program called "America's Recovery Capital" (ARC). Beginning on June 15th, SBA will start guaranteeing bank loans of up to $35,000. ARC loans are deferred-payment loans targeted to for-profit businesses that need short term help to make their principal and interest payments on existing qualifying debt. ARC loans are interest-free to the borrower, 100% guaranteed by the SBA and have no SBA fees. The ARC loans will be made by local lenders.
ARC loans will be disbursed within a period of up to 6 months and will provide funds to be used for payments of principal and interest for existing, qualifying small business debt including mortages, term and revolving lines of credit, capital leases, credit card obligations and notes payable to vendors, suppliers and utilities. Repayment will not begin until 12 months after the final disbursement. Borrowers don't have to pay interest on ARC loans. After the 12-month deferral period, borrowers will pay back the loan principal over a period of 5 years.
For more information, contact your local bank or go to www.sba.gov/recovery/arcloanprogram/index.html
Event: Diversifying Michigan Manufacturers Summit
Wednesday, July 15 in Iron Mountain
The Michigan Economic Development Corporation (MEDC) is holding a day-long summit for manufacturing companies interested in diversifying into any of four target sectors: wind energy, aerospace, defense and homeland security or into medical devices. The summit will feature experts in these areas to provide "actionable insights" into manufacturing opportunities in these four areas. Those attending will be eligible to receive a $10,000 matching job training grant to help with training your company's workforce. The summit is being held in three locations, the closest being Bay College West in Iron Mountain, and will be an interactive televideo presentation runnuing from 8 a.m. to 3 p.m. CST. Cost is $30. limit of 2 people per company. To register or for more information, call 800-562-4808 or visit www.jobforce.org.
Event: Member Networking Event being Planned in Copper Harbor
Friday, September 18th
KEDA is partnering with the SmartZone, the Chamber of Commerce and the Convention and Visitors Bureau to host a joint networking event in Copper Harbor for the members of all four organizations and their significant others. While still in the planning stage, the event will feature golf, hiking, fishing, kayking and other events in the early afternoon, and a networking get-together at the Keweenaw Mountain Lodge (KML) in late afternoon. Members will also be offered reduced rates on dinner and lodging at the KML should you decide to stay overnight, and coupons for Copper Harbor stores. Stay tuned.
News: Federal Recovery Act Assistance for Small Businesses
The Michigan Economic Development Corporation (MEDC) has created a new web site to provide information on the Federal Recovery Act. to find the provisions that apply to small businesses, go to www.MichiganAdvantage.org/Recovery and click on "ARRA Program Information And Updates," then click on ""ARRA Information for Businesses." You will find information on:
-
5-Year carryback provision to increase tax refunds for small businesses
-
Write off up to $250,000 of investment
-
Reduced Estimated tax payments
-
Extension of bonus depreciation deductions
-
Incentives for investors to put money in small businesses
For more information, call the MEDC Assistance Center at 517-373-9808.
News: ExSEL & KEDA offer Paid Summer Interns to Local Businesses
For the third year in a row, KEDA is partnering with Michigan Tech's ExSEL program to offer paid interns to local businesses to perform substantive work projects that benefit both the student and the business. The companies selected to receive interns this coming summer are Endres Machining Innovations, Blue Harbor Energy, Citizens Bank, Everts Motor Sales and Gundlach-Champion. The students are paid through a grant provided by the State of Michigan King-Chavez-Parks Initiative. The student interns work 20 hours per week for a total of 280 hours over the course of the summer semester on professional entry-level internships that wil provide experience in the selected student's major. For more information, contact Susan Liebau, Director of the ExSEL program, at slliebau@mtu.edu or at 906-487-3539.
News: KEDA approves equipment loan to ThermoAnalytics, Inc.
The KEDA Board has approved a $44,000 loan to ThermoAnalytics which, together with $10,800 of equity, will be used to purchase a key piece of equipment that will allow the company to keep work in-house rather than contracting it out, increase revenues and hire additional staff. A portion of KEDA loan funds will be the recently approved USDA grant discussed below. ThermoAnalytics, Inc. is a global leader in heat transfer physics, thermal management, infrared signature modeling and computational methods, and is one of the largest technology companies in the Keweenaw.
KEDA owns and operates the Keweenaw Revolving Loan Fund which provides loans to local manufacturing, technology and service companies that can be used for machinery and equipment purchases, building construction and renovation, and working capital. KEDA can also provide access to other revolving loan funds and to state and Federal financing programs. Contact Phil Musser at 906-482-6817 or pmusser@kedabiz.com for more information.
News: KEDA Receives $36,000 Grant to Recapitalize its Revolving Loan Fund
KEDA has just received a $36,000 grant from USDA Rural Development to re-capitalize its small business revolving loan fund - the Keweenaw Revolving loan Fund (KRLF). The grant increases the Fund's capitalization to $225,000. The KRLF provides small business loans of $5,000 to $100,000 to small businesses in Keweenaw, Houghton and Baraga Counties.
Since its creation in 1999, the KRLF has made a total of $400,000 in loans to 13 Keweenaw businesses which have created or retained 129 jobs in the community. The loans can be used for working capital, machinery and equipment purchases or for purchasing and renovating buildings. KRLF loans can also be used in conjuctiion with bank loans, loans from other revolving loan funds or federal financing programs. For more information, contact Phil Musser at 906-482-6817 or via e-mail at pmusser@kedabiz.com.
News: KEDA Working with Local & State Partners to Provide Customized Market Research to Local Companies
In recognition that conducting strategic market research is one of the most important and most difficult tasks for most small businesss, KEDA is partnering with the Small Business Association of Michigan, the Michigan Tech and Finlandia University libraries, the MTEC SmartZone, Michigan State University and Shepherd Advisors to provide intensive, customized market research to 9 local small businesses. This is a pilot project that is intended to be replicated throughout Miichigan. The research will provide the client businesses with: information on their competitors' products and pricing; will contact current customers to gage their satisfaction with products and services; will identify new customers and markets and other market research needs. KEDA and the SmartZone are working with the companies to help them implement expansion plans based on the market research.
According to Phil Musser, KEDA Executive Director, "this pilot project is teaching KEDA, the SmartZone and local libraries how to access market research data that companies can use to increase their competitiveness and revenue streams. We are also developing strong working relationships with library resources throughout the State of Michigan and are finding that there is, in fact, much market research data available. We intend to use our market research skills to work with additional Keweenaw Peninsula companies."
News: KEDA Welcomes New 2009 KEDA members
Bay Electric, Inc. Quincy Mine Hoist Association Delta Business Solutions
UP Auto Glass BHK Child Development Board Manderfield PHE
Competent Systems LLC Keweenaw Multiple Listing MTU J.R. VanPelt Library
Sigma Capital Mike Lahti Properties Copper Island Printing
Wickley Agency Fine Line Tire Auto Value of Houghton
Dan Riutta Contracting Crown Cleaners New Dimension Crushers
Woodbeck Communications Cartridges and More Office Express U.P.
Vollwerth & Company Sausage Mfg. Kangas' Cafe Keweenaw Mountain Lodge
M-TEC at Bay College Pine Mountain Music Festival Marilyn's Stained Glass
Wal-Mart The Muffler Shop Joseph Daavattila, P.C., CPA
Sayen Enterprises, Inc. Bill & Laura's Family Restaurant Eric Brown Custom Building
The Shipping Shop Antila Funeral Home Ace Hardware of Calumet
Pilgrim River Steakhouse J. Bees Car Care Center North Passage Design, LLC
Lake Superior Tree Farm Abe's Supply Co. NV Hair Salon
Baraga County Memorial Hospital Chassell General Store Lolita's Bridal Boutique
Farm Bureau Insurance, Houghton Lake Accounting 41 Lumber, Laurium
Country Inn & Suites Fastenal Leutz's Sign Company
906 Edvantage Superior Sales
Laiti Jewelers Law Office of Evan Dixon The LaSalle Technology Group, LLC
Checker Cab of Marquette & Houghton Wild Life Filling Station & Eatery Innovative Geothermal Options
Leadfoot Engineering De La Terre Restaurant Evert's Motor Sports
Roy's Pasties & Bakery Great Lakes Mutual Insurance Co.
News: New Website Lists Professional Jobs Available in the Keweenaw
KEDA and local businesses have partnered to create a new website, the Keweenaw Professional Job Board, that lists professional jobs available in Houghton, Keweenaw, Baraga and Ontonagon counties. Professional jobs are defined as those requiring at least a bachelor's degree or equivalent experience. The web site address is www.KeweenawProfessionalJobs.com.
Glen Simula, President of GS Engineering and President of KEDA, stated the idea for the web site came from discussions among Chief Executive Officers of local companies who have been experiencing difficulty in recruiting professional level employees both locally and from outside the Keweenaw. According to Simula, "The number of Keweenaw companies needing to recruit professional talent has increased dramatically during the past few years because of the growth of manufacturing, technology and service companies."
"Many local people, including Michigan Tech and Finlandia University students, who have left the area to find employment, would return if they could find a professional level job in the Keweenaw," stated Simula. "Other professionals who may not be familiar with the Keweenaw but who are searching for a great job in a place offering exceptional outdoor recreation will find this web site of interest. The Keweenaw Professional Job Board will be a one-stop web site for local employers to list professional jobs and for professional level employees to find them." added Simula.
The Keweenaw Professional Job Board web site will allow employers in the 4-county area to list professional jobs, accept resumes and manage the employee recruitment process. Professionals seeking jobs can easily search available jobs, view recently filled positions and register to automatically receive job listing updates. The Keweenaw Professional Job Board is sponsored by GS Engineering, Monte Consulting, Peninsula Copper Industries, pettibone/Traverse Lift, Somero Enterprises, Terex Handlers, ThermoAnalytics, Up and Running and KEDA. For more information, contact Phil Musser, KEDA Executive Director, at 482-6817.
News: USDA Announces Renewable Energy Grants and Loans for Small Rural Businesses
The U.S. Department of Agriculture has recently announced the availability of Renewable Energy and Energy Efficiency grants and guaranteed loans for small business in rural areas. The grants and loans can be used to conduct energy audits, feasibility studies and to purchase energy efficient equipment or construct energy efficient facilities. For more information, go to www.rurdev.usda.gov/rbs and click on Farm Bill 9006 resources. Or, contact KEDA for a summary sheet describing eligibility and types of projects.
News: KEDA Creates Micro Loan Fund to Finance Business Start-ups
Entrepreneurship has always been strong in the Keweenaw, and small businesses started by local entrepreneurs have created the majority of new jobs in the region. While KEDA's regular Revolving Loan Fund provides loans of $15,000 - $80,000 to more established businesses to allow them to expand, beginning entrepreneurs and single-person businesses often have difficulty accessing smaller loans through lending instututions or traditional revolving loan funds due to the cost and effort of providing smaller loans.
To meet this need, KEDA has created a Micro Loan fund to provide loans of $1,000 to $15,000 to beginning entrepreneurs and small companies that have the potential to provide living wages to the owners and that may also have the potential to create new jobs for Keweenaw residents. Virtually any type of business is eligible to apply for the loans, and applicants will be provided business counseling as necessary to ensure the business idea is financially feasible and that the entrepreneur has the skills and support system to be successful. Loans can be used for purchasing equipment or inventory, and for working capital and other needs. Contact Phil Musser, KEDA Executive Director, at 906-482-6817 or at pmusser@kedabiz.com for more information or to apply.
News: Great Lakes Angels Offers Online Capital Application
Great Lakes Angels (GLA), a consortium of private, high wealth investors (known as angels) who help fund early stage companies, has announced an online system to encourage private investments into start-up companies, including companies in the Keweenaw. The group's new Angelsoft platform makes it easy for entrepreneurs to apply for funding, and gives accredited investors a comprehensive set of tools for analyzing new opportunities. Angelsoft offers enterpreneurs the tools to develop streamlined, one-page descriptions of their businesses for submission to GLA investors, and then delivers that information plus an Executive Summary and Business Plan over the internet directly into the group's deal management system. Every angel member of GLA has a special computer program that is automatically updated as business plans arrive, making every plan visible to every investor for 90 days. The system is already in use by more than 60 other angel groups around the country. GLA is a non-profit organization that fosters private, early stage investment int he states of Michigan, Ohio and Indiana, as well as the Canadian province of Ontario. The GLA Director, David Weaver, is a member of the SmartZone Board of Directors, and periodically offers workshops on angel investing to both entrepreneurs and investors. More information is available at www.glangels.org or www.angelsoft.net.
News: Doing Business With Michigan
In order to do business with the State of Michigan, visit the state's procurement website: www.michigan.gov/doingbusiness. It takes about 10 minutes to register and you will need your tax ID number and contact information. Your company can find an opportunity either through Acquisition Services (contracts valued at $25,000 or more) or through Agency Buyers (contracts valued at less than $25,000). For more information, call the Michigan Department of Management and Budget, Acquisition Services, at 517-335-0230, or the Procurement Technical Assistance Center of Michigan (PTAC), a non-profit organization whose mission is to assist Michigan businesses to obtain and perform on federal, state and local government contracts. Contact PTAX by calling 1-800-692-7774.
News: Long-Term, Fixed Asset Financing Available Through SBA 504 Program
The U.S. Small Business Administration offers up to 40% of project costs at below market rates for fixed assets (real estate, buildings, equipment). Total project costs must be at least $200,000 up to $10 million, and the borrower must be a small business with a net worth less than $7.5 million and average net profit less than$2.5 million for the past two years. The Michigan Certified Development Corporation packages these funds in the form of debentures that are sold in the market place. A bank loans 50% of project costs and the borrower provides 10% equity which does not necessarily need be cash. The 504 funds are provided at a fixed rate for 20 years for real estate and 10 years for equipment. Read a longer description of this financing program by clicking on "finmechs" in the pull down menu in the upper left corner of this page, then scroll down to "Federal Financial Assistance." Contact Phil Musser for more information.