ANNOUNCEMENT 08 Dec 2017

In 2017 Michigan provided financial support to a manufacturing firm.

 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

https://www.michiganbusiness.org/494965/globalassets/documents/reports/legislative-reports/fy-2018-msf-medc-annual-legislative-report.pdf

Inception date: 08 Dec 2017 | Removal date: open ended
Still in force

Loan guarantee

The Michigan Strategic Fund Act was enacted in 1984. One of its instruments is the Michigan Collateral Support Program, which balances a borrower’s collateral shortfall by depositing cash collateral into a lending institution to create an “in policy” loan for the senior lender. On December 8, 2017 Kalkaska Screw Products Inc. --  a supplier of precision machined parts to the automotive, aerospace and heavy truck industries --  received $11,200,000 in support under this program.

AFFECTED SECTORS

 
435 491 492 496

AFFECTED PRODUCTS

 
870821 870829 870830 870840 870850 870870 870880 870891 870892 870893 870894 870895 870899 870911 870919 870990 880330 880390
(+ 8 more)