Wednesday, October 31, 2007
Bridget Beckman, MEDC
Job Creation Number One Criteria in Evaluation
The MSF board has appointed Ann Arbor SPARK, Southwest Michigan First, Lakeshore Advantage and the Michigan Economic Development Corporation to the Company Formation and Growth Fund committee to make loan recommendations for the $8 million available through the Fund. The committee will make recommendations to the MSF board, which can award loan amounts of $50,000 for every job created by the project, up to a maximum of $500,000.
Additionally, the board has approved a $550,000 grant to Ann Arbor SPARK and Southwest Michigan First to continue and enhance the efforts of the Michigan Innovation Equipment Depot created in 2006 to distribute Pfizer-donated equipment to companies throughout the State of Michigan.
The Depot will accept donated laboratory equipment and distribute it to qualified life sciences companies throughout the state. Of the $550,000 amount granted by the MSF, $400,000 is designated for use by Ann Arbor SPARK for hiring a full-time program manager, shipping, maintaining and storing donated laboratory equipment and other related activities. Southwest Michigan First will put the remaining $150,000 to work providing support services to companies receiving donated equipment, coordinating the transportation and installation of donated equipment, service repairs for eligible life sciences companies, and other services supporting Michigan life sciences startup companies.
to transform the former Pfizer research facility in Holland into a bioeconomy research and commercialization center that will support life science based technologies in Michigan.
Pfizer announced in January that it would close several of its facilities throughout the state as a cost-cutting measure. The subsequent state initiatives are part of a concerted effort to reutilize those facilities and motivate Pfizer scientists to continue working and living in Michigan.
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