From the Economic Development Desk of the
April 21, 2021
You are receiving this email because your organization is at one of the economic development tiers with the Alpena Area Chamber of Commerce. As always, we encourage your comments and questions.
As you saw from my update last month, there are some good things going on in our community. I have got a few updates:
 
  • Target sold two Commerce lots last Friday. A new business will be built on that site with two new families joining our community to run the company. I am not sure on the number of jobs to be created at this point, but we know some of our local contractors will likely be involved in building the structure. It is great to have two young families joining our community. This is what our school system needs.
  • Red Brick Tap and Barrel was awarded a “Match on Main” grant through the MEDC to help underwrite some of the cost of turning adjacent alley space into a neat outdoor seating and bar area. This is great for our downtown and sure to help draw in more people.
  • The DDA is also working on another initiative to further make our downtown more attractive to locals and visitors. Great things are happening in our DDA and it makes attracting developers to our area easier.
  • The APS School System approved the plans for the bus garage bringing the possibility of the Aldi’s store one step closer to reality. Kudos to the school administrators, the school board, and the developer for working through all the challenges to keep this deal moving forward.
 
This is a good time to clear up a commonly held misconception. I get at least one call a week, usually more, from entrepreneurs seeking cash grants from Target. There is a belief that Target sits on a pot of “free” money to be given to those seeking to start a business or buy a commercial building. This is not the case. Target does have money; however it is to make loans. This money is available to lend to startups and existing businesses under the following circumstances:

  • The prospective borrower has a turndown letter from another financial institution. Target does not want to compete with our local lenders; our role is to add additional support when it is required.
  • The prospective borrower still needs to be creditworthy with strong personal credit.
  • The prospective borrower needs skin in the game with an equity contribution. Typically, 15% or 20% of their own funds invested in the project.
  • The prospective borrower needs a viable and thoroughly vetted business plan with realistic assumptions that demonstrates the ability to service the loan through cash flow.

This is not a complete list of requirements but some of the key elements for a borrower seeking funds from Target in the form of a loan. 

There are grants that Target may be aware of that might come into play. The DDA offers grants with a narrow focus for businesses locating within the DDA boundaries. The MEDC may have grants or other forms of support but again, there is a narrow focus for these. In most instances, the business owner needs to be able to fund the activity and then collect on the grants upon completion. Typically, the grantor money comes in at the very end in the form of a reimbursement. I am always ready to assist connecting a person or investor group seeking to start or expand a business with organizations that may offer grant support. Please know that Target is not in the business of making grants (except to the extent the MEDC calls upon us to assist them in grant programs like the COVID related ones in 2020 and 2021). 
 
Thank you for your time and support of our mission. 

Be well, stay well,
Mike
We here at the chamber and economic development are still focused on our missions and continue to work for you.
Chairman Level ($3,201+)
Alpena Agency, Inc.
Alpena Alcona Area Credit Union
Alpena Community College
Alpena County
Alpena Power Company
Bannan Funeral Home
Blue Cross Blue Shield of Michigan
Charter Township of Alpena
City of Alpena
Edward Jones – Andrew Kowalski
Edward Jones – Bryan Strong
Edward Jones – Charles R. Ingle
Edward Jones – Eric M. Ferguson
Edward Jones – Marc K. Ferguson
Edward Jones – Pamela Kirchoff
H.P.C. Credit Union
Huron Monuments and Memorials  
Lafarge
Lappan Agency
mBank
MidMichigan Health
Presque Isle County
Presque Isle Electric and Gas Co-Op
Wolverine State Credit Union

Partner Level ($1,500) 
Alpena Community Credit Union
Alpena Public Schools
Bedrock Contracting and Excavating
Besser Company
Builders First Source
Clearview Car Wash
Community Foundation for Northeast Michigan
Downtown Development Authority
Decorative Panels International (DPI)
DTE Energy
Employment Services Inc. (ESI)
ITC Holdings, Corp.
Keystone Rental Equipment
LeFave Pharmacy and Compounding
MI Stop Citgo/MI Stop Deli
Northland Area Federal Credit Union
Pennzoil Ten Minute Oil Change Center of Alpena
PNC Bank
Propane Plus Inc.
State Street Auto Wash
TCF Bank
Tier4 Technical Support
Timm Construction Company, LLC
Vintage Auto Wash
Walmart
  
Sponsor Level ($475)
Aflac
Alcona Health Center 
Alpena Area Convention & Visitors Bureau
Alpena Beverage Company
Alpena County George N. Fletcher Public Library
Alpena Events Complex
Alpena Glass Company, Inc.
Alpena News Publishing Company
Alpena Supply Company
Austin Brothers' Beer Company
Banner Realty
Besser Foundation
Boldrey, Senchuk, Rouleau & Williams, CPA's, PC
Bolenz Jewelry
Building Express Inc.
Capital One Spark Business
Century 21 Crow Realty
Clark Construction Company
Cliff Anschuetz Chevrolet Inc.
Cocoa Capital Corp
Compassus Hospice
Consumers Energy
Control Solutions Inc
Cutting Edge Construction
Dean Arbour Ford Lincoln
Devere Industrial, LLC
Downtown Union 76 LLC
Everett Goodrich, Inc.
Fiber Char
H&R Block
Harbor North Dental Associates
Holiday Inn Express & Suites
Huron Engineering & Surveying
Industrial Image, Inc.
KFC/WMCR
Lewis & Lewis Professional Surveying, Inc.
McDonald's Restaurant
Meridian Contracting Services, LLC
Michigan Works Center
Midwest Diesel Service
Midwestern Broadcasting (WATZ)
NEMCSA, Inc.
NEMROC, Inc.
Northern Abstract & Title Agency
Northern Eye
Omega Electric & Sign Company Inc.
Ossineke Industries
Plowman's Collision Service
Pompeyos Mexican Grill
Presque Isle Township
R.A. Townsend Company
R.S. Scott Associates, Inc.
Ramada Alpena
RE/MAX New Horizons
Real Estate One of Alpena
ServiceMaster Home & Office
Sherwin Williams
Skiba Insurance Service
SkyWest Airlines
Specification Stone Products
Star Staffing Alpena
Straley Lamp & Kraenzlein P.C.
Stratford Group Ltd.
Suez
Switzer Veterinary Clinic
Tarkington Family Dentistry
Team Elmer's
The Drug Store/Northern Exposure Framing & Matting
The Home Depot
Thunder Bay Accounting
Thunder Bay Electric, Inc.
Thunder Bay Eye Care
Thunder Bay Family Dentistry
Thunder Bay Fyzical Therapy & Balance Centers  
Thunder Bay National Marine Sanctuary
Thunder Bay Tree Services, LLC
True North Radio Network
W.G. Benjey Inc./S&A Company
Weinkauf Plumbing & Heating, Inc.
Werth Development, LLC
West Design Center
White, Wojda and Curtis
Wolgast Corporation
Young Appliance, Electronics, Furniture & Mattresses
Zen 24 Hour Fitness Center