Tuesday, July 12, 2005
Michael Shore, MEDC
$70,000 Grant Backs $928,000 Expansion
Governor Jennifer M. Granholm today announced a $70,000 grant for Fruitport Township to support the expansion of Metal Arc Inc. The project is expected to create seven new jobs and generate $525,000 in private investment.
"This expansion will help Metal Arc compete in a global market and create new jobs," Granholm said. "These types of projects are magnets for attracting future investment to West Michigan."
The grant is being made available by the Michigan Economic Development Corporation with funds provided by the federal Community Development Block Grant program.
The MEDC 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 and loans 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 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.
"This funding enables smaller communities to make the kinds of public infrastructure improvements necessary to support economic growth," MEDC President and CEO Don Jakeway said. "The new water line will benefit not only Metal Arc, but the entire community."
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005 the Governor and the MEDC have announced the creation or retention of more than 53,000 jobs as a result of targeted assistance provided by the MEDC.
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.