Michigan Gov. Gretchen Whitmer recently joined U.S. Secretary of Commerce Gina M. Raimondo to announce $1.4 million in grant funding for business renovations to Central Michigan University's Research Corporation's business incubator.
According to a press release, funding will be provided through the Economic Development Administration (EDA) and will mainly be used to provide office upgrades that will boost safety for local entrepreneurs.
“Today’s investment will help the Central Michigan University Research Corporation improve its facilities and empower entrepreneurs,” Whitmer said, according to the press release. “This investment will help us continue growing our economy, creating good-paying jobs and building on our manufacturing and R&D strengths. This month, we opened the Facility for Rare Isotope Beams at Michigan State University and the Wacker Innovation Center in Ann Arbor. We must keep investing in every region of Michigan to tap into the entrepreneurial energy in every county of our great state. Our efforts to grow the economy are working—unemployment is 4.4%, we’ve added 174,000 jobs year over year and we are working together to lower the costs of essentials like childcare and housing and putting money in people’s pockets with $400 auto refund checks and proposed tax cuts for seniors and working families. Let’s keep Michigan moving by investing in our economic development and the kitchen-table issues.”
Local stakeholders will provide $352,320 to match this investment, which is projected to create 100 jobs, retain 30 jobs and create $5 million in private investments.
“President Biden is committed to helping communities tackle the unique challenges that the coronavirus pandemic presented,” Raimondo said, according to the press release. “This EDA investment in the Central Michigan University Research Corporation will enhance its facilities to support home-grown high-tech entrepreneurs, who will be a long-term source of jobs and private investment for the region.”
Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo said the Central Michigan University Research Corporation is an anchor facility for entrepreneurs in the region.
“The Economic Development Administration is pleased to support Central Michigan University and its efforts to build a more resilient regional economy,” Castillo said, according to the press release.
Sen. Debbie Stabenow said the investment will strengthen the university’s efforts to provide entrepreneurs and small businesses with the space and resources they need.
“Congratulations to Central Michigan. It’s exciting to see the university transform new technology and innovation into new jobs and new businesses for Michigan,” Stabenow said, according to the press release.
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