Tuesday, July 27, 2004
Paul Krepps, MEDC
FNT Industries to Invest $550,000, Create New Jobs
Governor Jennifer M. Granholm today announced $74,700 in Community Development Block Grant funding to support the relocation and expansion of FNT Industries Inc. in the Upper Peninsula community of Menominee. The project is expected to spur more than $550,000 in private investment and create six new jobs. The grant, made available through the Michigan Economic Development Corporation (MEDC), will help fund sewer and streetscape improvements necessary to support the company's expansion and relocation into the Menominee Industrial Park.
"FNT has been a partner in Michigan's economic success for more than a half century," Granholm said. "This grant will help Menominee retain these important jobs and pave the way for future growth."
In her 2004 State of the State address, Governor Granholm announced a focused seven-point plan for economic growth. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 23,598 jobs as a result of targeted assistance provided by the MEDC.
FNT Industries Inc., formerly known as the Fish Net and Twine Co., was founded more than a century ago in Virginia and relocated to Menominee in 1953. A leader in the production of custom-made netting products, FNT has identified the need to expand its operations to develop and introduce new product lines to the market.
The city of Menominee will contribute an additional $8,300 to the project.
"The city is excited about this news," said Menominee Mayor, George Krah. "The grant will help FNT Industries move to a new building, create jobs and improve the city's tax base."
The Michigan Economic Development Corporation administers the state's Community Development Block Grant funds received from the U.S. Department of Housing and Urban Development. These funds are used to provide grants to eligible counties, cities, villages and townships-typically those with populations less than 50,000-for economic development, community development and housing projects. Larger communities receive block grant funds directly from the federal government.
The MEDC is able to award up to approximately $50 million in federal CDBG funds each year. There are 1,655 local governments within the state eligible to apply for these funds. Projects are approved contingent upon compliance with state and federal requirements.
"FNT will be a great addition to Menominee's Industrial Park," said MEDC President and CEO Don Jakeway. "We are pleased that the company has chosen Michigan for its continued growth and appreciate its ongoing commitment to our workforce."
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.