Lakeshore Advantage Corporation

Overview

The Lakeshore Advantage Corporation is a nonprofit economic development organization dedicated to fostering economic growth in Allegan and Ottawa counties. Its mission involves implementing innovative strategies to enhance the region's economic development.

Purpose and Services

Lakeshore Advantage provides assistance to current and prospective companies, offering expertise in location, innovation, and growth. They particularly specialize in supporting industries such as advanced manufacturing, life sciences, information technology, agribusiness, and aerospace and defense. The organization coordinates state and local resources to lower business risk and facilitate job creation and capital investment.

Activities and Achievements

In recent years, Lakeshore Advantage has engaged with numerous primary employers and supported business expansion projects. For instance, in 2024, they announced 16 business expansion projects and supported 67 entrepreneurs and startups. Their team members also serve on various external boards and committees to ensure the representation of primary employers in regional decision-making processes.

Financial Operations

As of 2023, Lakeshore Advantage reported a revenue of $6.7 million, with significant contributions making up nearly 99.9% of its revenue. The organization's expenses totaled $2.04 million, with executive compensation and other salaries being major expense categories. Its total assets stood at $6.52 million, while liabilities were approximately $581,000.

Tax Status

Donations to Lakeshore Advantage are not tax-deductible.

Governance and Partnerships

Lakeshore Advantage partners with local organizations to enhance regional talent recruitment and retention efforts. For example, their partnership with Hello West Michigan helps businesses connect with and attract talent in West Michigan. The organization has built business relationships with over 130 companies from more than 20 countries, contributing to the economic diversity of Ottawa and Allegan counties.