LANSING, Mich. (May 1, 2024) — Sen. Mary Cavanagh (D-Redford Twp.) and the Senate Appropriations Subcommittee on the Dept. of Labor and Economic Opportunity (LEO)/Michigan Economic Development Corporation (MEDC) successfully passed their initial budget proposal yesterday. As Senate Appropriations Subcommittee Chair, Sen. Cavanagh and her Senate colleagues collaborated to develop a budget proposal that would invest in our workforce and small businesses, revitalize our communities, and provide the tools necessary for every Michigander, current or future, needs to make it here in Michigan.
The budget legislation, Senate Bill 766, emphasizes Sen. Cavanagh’s commitment to equitable state funding and creating economic opportunity for every Michigander and their families. The proposed Senate budget recommendations include substantial investments in affordable and accessible housing sustainability and innovation; investments in Michigan startups and small businesses through Community Development Financial Institutions and the Michigan Innovation Fund; and competitive grant programs prioritizing cultural vibrancy, talent attraction and youth engagement, community revitalization and municipal supports, parks and recreation, public health and safety, and much more to help our communities and residents thrive.
“This budget builds on the foundation we created last year of investing in the needs of the people and communities that make Michigan the diverse, thriving state that it is,” said Sen. Cavanagh. “Every Michigander reaps the benefits of investment in housing, education, workforce development, cultural vibrancy and the economic growth of our communities statewide, as our state strengthens and attracts new residents.”
Other notable highlights from the proposed LEO budget include:
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Support for competitive grant programs for minority-owned businesses, nonprofit business organizations, and development projects across Michigan, including rural communities;
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A pilot program from which banks, credit unions, community development financial institutions, or non-profits that provide loans can receive grants to offer a trusted emergency short-term lending program in their communities
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Support for the launch of the Department’s Community and Worker Economic Transition Office, which will assist workers, employers, and communities facing economic shifts as sectors transition to new technology and clean energy
“This budget reflects values core to Michigan’s identity: hard work, innovation, and resiliency,” said Sen. Cavanagh. “The bill’s subcommittee passage is an exciting first step in the budget process, and I’m looking forward to continuing to collaborate with my colleagues as we finalize the state budget.”
Now, the full Senate Appropriations Committee, the Legislature, and the governor’s office will work to finalize the budget.