Wednesday, July 26, 2006
Michael Shore, MEDC
MEDC Grant Secures $500,000 Investment
Governor Jennifer M. Granholm today announced a $190,000 grant to the city of Sault Ste. Marie to facilitate the expansion of aerospace parts manufacturer R&B Electronics. The project will result in the creation of 19 new jobs and more than $500,000 in private investment. A Michigan Economic Development Corporation representative presented a ceremonial check to city officials at a celebration event this morning.
The grant is being made available by the MEDC with funds provided by the federal Community Development Block Grant program. The city will use the funding to make improvements to a city-owned building that R&B will lease with an option to buy to accommodate the expansion. The city through the Sault Ste. Marie Economic Development Corporation will contribute $170,000 to the project.
R&B is a specialized manufacturer of electro-mechanical assemblies for the aerospace industry including inset molded parts, terminal boards, covers and knobs. Originally established in Texas in 1986, the company moved to its current location in 1999 and employs about 40 people.
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. For more information on MEDC initiatives and programs, visit the Web site at www.michigan.org.
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