Displaying items tagged: Michigan Strategic Fund

The Michigan Economic Development Corp. has awarded $4.3 million in low-interest relief loans to 74 small businesses statewide affected by the COVID-19 pandemic.

Here is the MiBiz Growth Report for May 27, 2020.

The Michigan Strategic Fund approved financing today for a range of economic development initiatives, including brownfield tax incentives for a major mixed-use project in Lansing and public improvements in Cass County.

The Michigan Economic Development Corp. plans to put $3 million into a capital fund that will invest in early-stage technology companies.

The state plans to provide up to $2 million to a Marquette-based small business lender to increase activity across the state.

Companies and real estate projects that received state incentives through a grant, loan or equity investment from the Michigan Strategic Fund could get emergency relief under an initiative approved today to ease the economic hardship triggered by the COVID-19 pandemic.

Michigan’s loan and grant program for small businesses affected by the coronavirus is now accepting applications, state officials announced today.

The state intends to create two funds totaling $20 million to support grants and low-interest loans to small businesses that had to close or have been disrupted by the coronavirus and COVID-19 pandemic.

An assortment of state-backed capital funds and initiatives to support business startups, innovation and entrepreneurs recently earned renewal in Lansing.

HOLLAND — ITB Packaging LLC plans to expand locally with a $3.5 million capital investment and the expected creation of at least 65 new jobs over the next five years.

GRAND RAPIDS — A new mezzanine fund based in Grand Rapids seeks to raise $100 million to invest in growing companies, MiBiz has learned.

VICKSBURG — An ambitious $80 million project to transform a long-vacant Southwest Michigan paper mill moved a step closer to reality after securing a lucrative state incentive. 

Backed by an infusion of $55 million in federal funds, Lansing-based Michigan Community Capital plans to continue investing in mixed-income housing projects across the state. 

Initially seeded with state money seven years ago to provide financing to growing Michigan-based businesses, Grow Michigan LLC expects to begin seeking investors for a second fund totaling nearly $60 million.

A partnership headed by Portage-based Hollander Development Corp. plans to transform a vacant lot in Kalamazoo into a new mixed-use building under a proposal that secured state backing.

A project to construct townhomes in the city’s Michigan Oaks neighborhood gained financial support from the state on Tuesday.

The developer of a proposed downtown hotel tower received approval today for state cleanup funding.

Here is the MiBiz Growth Report for Nov. 26, 2018.

PLAINFIELD TOWNSHIP — A maker of sugar-free candies will invest $2.3 million to expand its operations north of Grand Rapids.

KALAMAZOO — Recycler Schupan & Sons Inc. plans to invest $10.1 million into expansions at a pair of locations in Southwest Michigan.

Smaller public universities in Michigan will have to come up with less matching funding to secure state grants that support startup companies coming out of research labs.

The Michigan Strategic Fund steered additional money into two capital funds that support high-tech startups and growing small businesses in the state.

The Invest Michigan Pre-Seed Fund II received $3 million to invest in startups through loans or equity. Grow Michigan LLC will receive $9.6 million for a second mezzanine-style fund that will provide loans to growing small businesses.

The Michigan Milk Producers Association plans to invest $24 million to expand its existing dairy plant operations in St. Joseph County.

SpartanNash Co. will not meet the original employment projections included in a 2013 state incentive package.

After months of secrecy, Amazon.com Inc.’s interest in a proposed Kent County facility is now official.

Here is the MiBiz Growth Report for May 14, 2018.

HexArmor, a Grand Rapids-based personal protective equipment manufacturer, will invest $8.7 million into a Kent County facility and plans to create roughly 50 jobs over the next three years.

After a major customer moved a supply contract to a Chinese company, a Muskegon-area manufacturer needed capital to retool for the new business coming in to replace what it had lost.

The Grand Rapids Downtown Market continues to restructure long-standing debt tied to a state economic development incentive as it attempts to stabilize its finances.

Here is the MiBiz Growth Report for Feb. 5, 2018

• M&A: Grand Rapids-based Alliance CNC Cutter Grinding Services Inc. was acquired by GWS Tool Group LLC of Tavares, Fla., according to a statement. Alliance CNC is a designer and manufacturer of tight tolerance drills, reamers and micro-tools. With the deal, GWS adds hole-making tool capabilities to its existing focus in round tools, endmills and inserts. Terms of the deal were not disclosed, but Alliance CNC will continue to operate out of its Grand Rapids area plant with its existing management team. GWS Tool Group is a vertically integrated manufacturer of engineered cutting tools for the aerospace, defense, power generation, automotive and medical industries.