There’s high demand in Michigan to go global. Michigan’s State Trade Expansion Program (MI-STEP) has already helped more than 230 companies with $1.86 million in financial assistance this year.

What it means: Due to a tremendous response, MI-STEP doled out all the available funds faster than ever before.

Why we care: The program helps Michigan businesses grow on the international stage, reimbursing a percentage of expenses such as foreign trade missions, international marketing, and compliance testing.

Keeping count: MI-STEP has a 600:1 return on investment for businesses, compared to the STEP national average of 42:1.

What’s next: Applications for the 2024 fiscal year will open on Oct. 1, 2023.

Michigan loosened the rules requiring businesses to keep up with the Joneses in the name of community development.

Why we care: Business Impact Zones (BIZ) are groups of property owners that make neighborhoods cleaner and safer with efforts such as graffiti removal, flower planting, and streetlight installation.

What it means: A 2020 rule required all businesses to contribute equally, but members can now pay based on their size, according to factors such as assessed property value and street frontage.

Keeping count: The Detroit BIZ has contributed about $45 million to its area in the last nine years.

“We are giving local small business owners a powerful tool to make our neighborhoods and communities cleaner, safer, and more vibrant,” Sen. Sue Shink said in a statement.

The Michigan Manufacturers Association (MMA) and its president and CEO, John Walsh, are shaping the future of one of the state’s most critical industries.

Why we care: The prosperity of our manufacturers goes hand in hand with that of our families, businesses, and communities.

Keeping count: The MMA has been a driving force in the state’s economy for 121 years.

More to the story: Walsh arrived at the MMA after time in the legal world, finance industry, and as a state representative, state budget director, and advisor to the governor.

“Our number one function is to work on advocacy, to work with the legislature and the administration to find ways that can help promote an environment for the state of Michigan that brings manufacturers here and keeps them here and healthy, creating good jobs, helping their communities,” said Walsh.

• Aug. 1-3: Center for Automotive Research Management Briefing Seminars
• Aug. 3: Southfield Sourcing Summit
• Aug. 9-10: Advanced Manufacturing Expo 2023
• Sept. 12-14: The Battery Show
• Sept. 13-24: Detroit Auto Show
• Oct. 15-20: Mexico Trade Mission (Deadline to register: Aug. 15)
• Michigan APEX Accelerators (formerly PTACs) Events Listing
• Michigan SBDC Events Listing

Michigan Economic Development Corporation (MEDC) helps to connect businesses to new resources, meet new partners, and access the additional capital they need from the start. If your business needs support to reach its full potential, the MEDC is available to help. Visit michiganbusiness.org/small-business to find customized business assistance.

Looking for a career in economic development? Want to be part of a team that’s driving Michigan forward? View career opportunities at the MEDC.