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Wednesday, August 25, 2010
Loans to five companies will help diversify state economy, create high-tech jobs
LANSING – Governor Jennifer M. Granholm and Michigan Economic Development Corporation (MEDC) President and CEO Greg Main today announced that five Michigan companies in Ann Arbor, Grand Rapids, Holland, Kalamazoo and Saline have been selected to receive a total of $530,000 in the latest round of funding under the state’s Company Formation and Growth Fund (CFGF), an initiative aimed at retaining Pfizer assets and talent for advancing life sciences technologies in Michigan.
“Today’s action is part of our continuing efforts to diversify Michigan’s economy,” Granholm said. “It enables highly skilled former Pfizer employees to lend their expertise to helping Michigan companies grow and create high-tech jobs.”
The Michigan Strategic Fund (MSF) board today approved the loans that will be used by five companies to hire former Pfizer scientists. Including today’s awards, the CFGF to date has approved $8 million in loans to a total of 41 life-science companies in Ann Arbor, Chelsea, Grand Rapids, Holland, Jackson, Kalamazoo, Lansing, Livonia, Portage and Saline.
The following companies were approved today for CFGF loans:
“Michigan Strategic Fund support will help innovative biotech companies continue to grow,” Main said. “Supporting small businesses and entrepreneurs is a major pillar of our strategy to diversify Michigan’s economy.”
The MSF created the CFGF in June 2007 to accelerate company formation, 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.
“Since the closure of Pfizer’s Ann Arbor research and development facility, the state, region and Ann Arbor SPARK have worked very hard to retain the talent and assist the start-up businesses that committed to stay in our area,” said Michael A. Finney, president and CEO of Ann Arbor SPARK. “The funding announced today plays an important role in enabling these companies to grow and remain in the state.”
“Single Source Procurement is a great example of how a company based in Kalamazoo can make an impact across the state of Michigan,” said Ron Kitchens, chief executive officer of Southwest Michigan First. “By supporting their growth, we are creating jobs in the community and across the state.”
“These three firms (Single Source Procurement, Venntis and Syzygy Biotech Solutions) are welcome additions to the MSU Bioeconomy Institute’s accelerator program,” said Randy Olinger, Lakeshore Advantage’s biobusiness accelerator manager. “These companies add to the growing mix of advanced science companies housed at the facility.”
The MEDC, 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.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
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