OCC $2M loan program to help local businesses

An Oakland Community College Board of Trustees have established a $2 million loan to help new and expanding businesses in the county.

Excerpt:

The Oakland Community College Board of Trustees has established a $2 million loan program to underwrite training costs for new and expanding businesses in Oakland County.

“The goal of the training is to increase worker productivity and company profitability,” said Chancellor Timothy Meyer. “That in turn will contribute to the economic growth and stability of our region.”

The program is part of the Michigan New Jobs Training Program, created by the state last year. It is financed through the creation of new jobs. MNJTP allows community colleges to issue bonds or self-fund loans to finance training for local businesses. The loans are repaid by diverting funds from state withholding taxes on new employees’ wages back to the college, making the program virtually cost-free for the businesses.

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