Three biotech firms receive loans to hire former Pfizer scientists
LANSING - Governor Jennifer M. Granholm today announced three more Michigan companies, all based in Kalamazoo, have been selected to receive loans under the state's Company Formation and Growth (CFG) fund, an initiative aimed at retained Pfizer talent and assets in the state.
“Our commitment to the growth of a knowledge-based and diversified economy is reliant on keeping our talented workforce in Michigan.” Granholm said. “The action taken today will enable Pfizer employees to lend their skills and expertise to help Michigan companies grow and create additional, high-tech jobs.”
The Michigan Strategic Fund (MSF) board today approved the funding that will be used by the companies to hire former Pfizer scientists. Two were approved for loans of $100,000 each and a third for a loan of $50,000. To date, the CFG has approved $6.9 million in loans to a total of 32 life-science companies in Ann Arbor, Chelsea, Jackson, Livonia, Kalamazoo and Portage.
The following companies were approved for CFG loans:
“We are fostering entrepreneurship as part of a concerted effort to ensure Pfizer scientists will continue to start and grow innovative Michigan biotech companies,” MEDC President and CEO Greg Main said. Main also serves as chairman and president of the MSF board.
MSF created the $8-million Company Formation and Growth fund in June 2007 to accelerate company formation and growth and job creation based on employees, technologies and high-tech equipment left behind when Pfizer closed facilities in Ann Arbor, Holland, Kalamazoo, Plymouth Township and Portage.
“Kalamazoo has historically built itself around the spirit of innovation and entrepreneurism. By supporting this ongoing spirit, we are supporting Kalamazoo’s continued economic growth and strength in an industry where it is considered to be at the forefront. We thank the state of Michigan for encouraging the efforts of these companies that are now part of that history,” said Ron Kitchens, Chief Executive Officer of Southwest Michigan First.
About Michigan Economic Development Corporation (MEDC)
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