Discovering and applying new and innovative economic development tools, models, policies, and programs
Creating Jobs and Wealth in Distressed Michigan Communities
2021: Community Capital Accelerant
Co-Implementation Plan 2021
Authors: Chris Miller
Summary
The project intends to increase the number of Michigan projects utilizing Community Capital. Community Capital refers specifically to financial capital that is locally sourced from both accredited and especially non-accredited investors. The goal is to expand projects using local investors to start, support, or expand a Michigan business. The scope of works includes identifying local champions who have been involved in donation or investment crowdfunding campaigns, helping them build local investment teams, providing materials and support, and helping launch new Community Capital campaigns.
In addition, part of the outreach will present information about a bill introduced in the Michigan Senate (SB13 of 2021) and House (HB4116) that would provide a first in the nation income tax credit equal to 50% of any investment made in any Michigan business by Michigan residents.
Chris Miller
Chris Miller has 20 years of community and economic development experience and has worked with many communities and entrepreneurs to help them raise local capital for community projects. He is a recipient of the Michigan Municipal League Outstanding Service to Michigan Communities award. Chris is a founding board member and current board chair for The National Coalition for Community Capital (NC3). In Adrian Mi where he currently lives, Chris was appointed and elected city commissioner, served as the city’s economic developer for 11 years, served in leadership positions in a number of organizations, and currently serves as Special Projects Consultant for PlaneWave Instruments, global leader in high-tech research telescope design and manufacturing.
View the Report