Representative’s plan to boost rural economy signed by governor

State Rep. Jason Wentworth’s plan to help small businesses in rural areas of Michigan has been signed into law.

Wentworth, of Clare, said the Rural Jobs Act aims to give small job creators in counties with populations of 225,000 or less additional access to investments, creating new jobs and boosting the economies of struggling rural communities. The measure gained bipartisan support in both the House and Senate.

“By creating a reliable financing tool for small, rural businesses, we are helping local job providers expand their businesses and create new jobs in growing industries that pay well,” Wentworth said. “This will jumpstart investment in areas of the state that need it most.”

Under Wentworth’s plan, the Rural Development Creation Fund would be established within the State Treasury with oversight by the Michigan Department of Talent and Economic Development. Target industries for the grants include aviation and aerospace, advanced manufacturing, agribusiness, clean energy, cybersecurity, information technology and life sciences.

Rural small job creators would partner with the state and qualified private investment fund managers in utilizing the grants. If a business did not achieve its goals, it would have to return the funds to the state.

“We must do more to encourage investment in Michigan’s rural communities, many of which are still struggling from the effects of the recession,” Wentworth said. “In the past 18 years, only 5 percent of Michigan’s private investments have been made in rural areas. This solution is going to provide a much-needed boost for many of the small towns left behind during Michigan’s recent economic recovery.”

The measure is now Public Act 423 of 2018.

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