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MEDC announces that three companies were approved for incentives by the MSF to support their expansions in the state
LANSING, Mich. – The Michigan Economic Development Corporation today announced that three companies were approved for incentives by the Michigan Strategic Fund to support their expansions in the state. The state support will allow for two business expansions and a community improvement project that are expected to generate nearly $4.8 million in investments and create 97 new jobs.
“Today’s MSF actions demonstrate our commitment to revitalizing Michigan’s communities and helping growing companies generate new job opportunities. We’ve worked to better our state’s business climate, and these investments further demonstrate that our efforts continue to bring strong results,” said MEDC Chief Executive Officer Steve Arwood. “The decision of these companies to expand here underscores Michigan’s business-friendly environment and talented workforce.”
Bmax USA, LLC is a wholly-owned subsidiary of Bmax, Inc., a provider of advanced metal processing technology solutions with broad, cross-sectional applications including the energy, automotive, aerospace, and packaging industries. Bmax Inc. and Bmax USA are part of a group of companies held by the France-based technology company, I-Pulse, Inc. The company plans to establish its first North American facility in the city of Pontiac, investing more than $4.3 million and creating 26 jobs. As a result, the project has been awarded a $250,000 Michigan Business Development Program performance based grant. Michigan was chosen over a competing site in Ohio. The city of Pontiac has offered support to the project in the form of hiring a relocation service consultant.
Terryberry Company, LLC, headquartered in the city of Grand Rapids, is a fourth generation family owned business specializing in employee recognition programs, custom employee appreciation products, worker recognition awards, and retirement gifts. The company has reached capacity at its current location and plans to renovate and expand its existing facility, investing more than $2.6 million and creating 53 jobs. As a result of the expansion, the company has been awarded a $250,000 Michigan Business Development Program performance based grant. The funds will be used to offset the costs of training new workers. The city of Grand Rapids has offered support to the project in the form of a property tax abatement. Individuals interested in careers with Terryberry should visit http://www.terryberry.com/about-us/career-opportunities.aspx.
The city of Marshall has been awarded $381,071 in Community Development Block Grant funds for the Cronin Buildingproject in downtown Marshall. The project will include correcting structural issues and eliminating blighted conditions on both the interior and exterior of the building, a circa-1870 historic structure. The completed project will include seven apartment units, two extended stay suites and a tavern with a patio and banquet area. The MEDC CDBG funds will be used to make structural improvements and remove lead and asbestos. The Michigan State Housing Development Authority will contribute $295,769 in CDBG4.8 funds for the residential component. The project will generate a total capital investment of more than $1.6 million and create 18 jobs. The city of Marshall will contribute $150,000 for infrastructure improvements including parking and sidewalk improvements.
Pure Michigan is a brand representing business, talent and tourism initiatives across Michigan. These efforts are driven by the Michigan Economic Development Corporation, which serves as the state’s marketing arm and lead advocate for business growth, jobs and opportunity with a focus on helping grow Michigan’s economy.
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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