local news

Michigan — Entrepreneur and the Michigan Economic Development Corporation are looking for Michigan-based companies to be on a special episode of Entrepreneur Elevator Pitch. The show is a 60-second pitch competition for companies and startups with innovative business concepts.

Entrepreneur Elevator Pitch is open to companies or startups with scalable products and services that are ready for investment, and that have a specific plan for how that investment can help them grow their business. The top 5 companies out of those that apply will have a chance to pitch the show’s investors during a virtual filming of Entrepreneur Elevator Pitch Season 6 in August 2020, with the episode airing in November 2020.

“Around the globe, Michigan is increasingly being recognized as the place to build, test, commercialize and scale the high-tech and mobility solutions driving the future,” said Josh Hundt, Executive Vice President & Chief Business Development Officer at the MEDC. “By partnering with Entrepreneur Magazine, we can provide a national platform for some of Michigan’s most innovative entrepreneurs and companies to share their business concepts and demonstrate that Michigan is the place where business gets done.”

Applications must be submitted by August 1st and require submitting a 60 second pitch video that includes why the business was launched, information on growth and revenue, and the amount of capital needed and what it will be used for.  Visit their website to apply <HERE>.

Reporting for WGRT – Jessie Wiegand

 

Lansing, MI — Senate Appropriations Committee Chairman Jim Stamas, House Appropriations Chair Shane Hernandez and State Budget Director Chris Kolb on Tuesday announced they have reached an agreement on the details of a plan to balance the fiscal year 2020 state budget.

“Every budget is a statement of priorities,” said Stamas, R-Midland. “In the face of unprecedented and unforeseen challenges in 2020, this budget agreement is evidence of our shared commitment to schools, local governments and everyone affected by COVID-19. We’re all in this together.”

Building on the framework previously announced by Gov. Gretchen Whitmer, Senate Majority Leader Mike Shirkey and House Speaker Lee Chatfield, the agreement will balance the state’s $2.2 billion budget shortfall through spending cuts, hiring freezes and using a portion of the state’s “rainy day fund.”

“This is a uniquely challenging time, but through leadership and collaboration, we have come a long way — and I am encouraged by this progress,” said Hernandez, R-Port Huron. “We have protected Michigan families and taxpayers through tough decision-making, smart planning and the use of already available resources.”

As part of the agreement, the state budget director will present an executive order to the House and Senate appropriations committees this week that reduces state spending. Most state agencies will see reductions, including the executive and legislative budgets.

The supplemental agreement will use federal COVID-19 relief funds and $350 million from the state’s rainy day fund to assist schools, local governments and others affected by the virus.

The bills will include:

• $512 million to support schools;
• $200 million to support universities and community colleges;
• $150 million to local governments; and
• $53 million for $500 in hazard pay to teachers.

“This is an agreement that protects our public schools, keeps our commitment to students and teachers across Michigan, and maintains necessary health care funding in the wake of COVID-19,” Kolb said. “The reductions we are making will get the current fiscal year into balance while still allowing us to support local government and maintain critical government services to our 10 million residents.”

Both the House and Senate are expected to act on the bills this week.

The budget leaders have committed to immediately beginning work on the fiscal year 2021 budget, which begins Oct. 1.