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Thursday, May 30, 2013
he state’s $8 billion Pure Michigan Business Connect program continues to grow, with Consumers Energy and DTE Energy committing to a total of $2 billion in spending with other Michigan-based companies
MACKINAC ISLAND, Mich. – The state’s $8 billion Pure Michigan Business Connect program continues to grow, with Consumers Energy and DTE Energy committing to a total of $2 billion in spending with other Michigan-based companies, Gov. Rick Snyder announced today.
“Consumers Energy and DTE Energy helped build the foundation for Pure Michigan Business Connect by opening the door to millions of dollars per year in opportunities for other Michigan businesses. Both companies deserve praise for their leadership and continued dedication to helping grow Michigan’s economy,” Snyder said. “These latest commitments, along with those of our other members, will mean significant growth opportunities for Michigan companies.”
Launched in 2011, Pure Michigan Business Connect is a public-private alliance of the Michigan Economic Development Corporation, state agencies and major Michigan companies and organizations that connects in-state companies to business resources.
Companies can find new ways to raise capital, get access to professional business services at little or no cost, connect with each other through a new business-to-business network, and identify potential supplier opportunities, while developing resources to improve their supply chains.
Since joining the Pure Michigan Business Connect program in 2011, Michigan’s two largest utility companies have increased their combined Michigan purchases and contracts by more than $1 billion, far beyond an original combined pledge of $100 million per year. These expenditures have resulted in the creation or retention of 3,450 jobs.
“DTE Energy expects to spend an additional $750 million with Michigan-based suppliers by the end of 2013 and an additional $1 billion by the end of 2015, which is significantly above our original target and two years ahead of the original five year commitment,” said Gerry Anderson, Chairman, President and CEO of DTE Energy. “As the largest capital investor in Michigan, we are proud to be founding members of the PMBC. We see our goal as helping companies around the state be competitive, best in class and prepared to meet the challenges of providing goods and services to some of the nation's largest companies.”
“Consumers Energy is proud to commit $1 billion over five years to Pure Michigan Business Connect, creating thousands of jobs and powering the state’s economic future,” said John G. Russell, president and chief executive officer of Consumers Energy. “We’re supporting the state’s innovation andprogress every day by providing safe, affordable and reliable energy – but we won’t sustain that progress unless Michigan and the communities we serve share in that success.”
Consumers Energy and DTE Energy have been leaders in PMBC, generating more than $1 billion in contracts awarded to more than 500 Michigan companies. In recent months, 45 other Michigan organizations such as Ford Motor Company, General Dynamics, and Michigan State University have joined the PMBC initiative to increase purchasing with Michigan businesses. In addition, nearly 30 firms such as Varnum, Rehmann, Google and Yeo & Yeo have combined to pledge more than 15,000 pro bono service hours for Michigan businesses. Connecting all of this supply and demand is PMBC’s B2B network (puremichiganb2b.com), which includes more than 13,000 Michigan businesses and the entry point to access these programs.
Other recent additions to PMBC include:
“In less than two years, both Connection Point and Pure Michigan Business Connect have been extremely successful in generating hundreds of millions of dollars in increased procurement opportunities and contracts for Michigan suppliers with new customers,” said Detroit Regional Chamber President and CEO Sandy K. Baruah. “The Detroit Regional Chamber is pleased to help boost the state’s efforts to create opportunities and business growth by connecting leading-edge Michigan companies to the global supply chain.”
“We are impressed with the level of impact that the PMBC program has had on our growth. The direct result has been more jobs and opportunities for one of the largest workforces in Northeast Michigan, said Tom Moran, president and CEO of Moran Iron Works. “We are committed to growth and investment in Michigan. We all benefit and build better networks with the PMBC program and in turn, we are able to create better places to work and live for the people in Northeast Michigan.”
The original PMBC program participants, in addition to Consumers Energy and DTE Energy, include State of Michigan agencies, Huntington National Bank, Stage 2 Innovations, Automation Alley, and Export Import Bank. The two largest business loan commitments to PMBC were made by Fifth Third ($2.5 billion) and Huntington ($2 billion). Many other partners are offering their services through PMBC, providing increased access to capital, procurement opportunities and legal and professional services.
“These investments by Consumers Energy and DTE Energy into Pure Michigan Business Connect, as well as the addition of our other new partners, significantly expand our toolkit to grow our state’s economy. We estimate that one job is created for every $200,000 in increased ongoing procurement dollars in Michigan supply chains,” said MEDC President and CEO Michael A. Finney. “Pure Michigan Business Connect is an innovative way for government to help Michigan businesses to find new opportunities for growth through market-based solutions and without spending state tax dollars.”
Companies interested in learning more about Pure Michigan Business Connect may visit the website at www.puremichiganb2b.com.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
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