The Great Lake State is starting to grow again thanks to a revamped tax structure and improved small business lending.
After several years of economic issues, Michigan is starting to grow again.
One of the big reasons for the change is a revamped tax structure, which includes a flat six percent corporate tax, of which small businesses and franchises that qualify for a credit would have to only pay under two percent. Small business lending continues to improve as well, helping entrepreneurs find the financing that they need. Michigan also provides several resources and incentives for entrepreneurs to take advantage of to help them get up and running. These include Michigan SCORE, which is a free volunteer service that mentors entrepreneurs, U.S. Small Business Administration district offices where small business owners can access financing and grants as well as consultations and counseling services, Michigan Small Business Development Centers, which support entrepreneurs and help them develop their business, and more. Michigan’s workforce is among the best in the nation, with a high-level of education (about forty percent of Michigan residents aged twenty-five to sixty-four have a college degree), and an unparalleled work ethic. While prospects in Michigan seemed dim not all that long ago, businesses can now look positively towards the future here.