Fund offers for-profits share of $30 million
BY KATHERINE YUNG • FREE PRESS BUSINESS WRITER • July 8, 2008
The Michigan Economic Development Corp. said Monday it has received 112 proposals from companies interested in obtaining loans from the state's 21st Century Jobs Fund.
In October, the fund is to award $30 million in loans to for-profit companies in the later stages of development in the following industries: alternative energy, life sciences, advanced automotive, manufacturing and materials, and homeland security and defense.
The National Center for Manufacturing Sciences in Ann Arbor plans to conduct an independent peer review process and make recommendations for funding. The MEDC's Strategic Economic Investment and Commercialization board will select the winners.
This is the second round of loan awards. The state awarded $126.3 million to 78 organizations during the first round in 2007.
"Focusing our resources on sustainable technology businesses poised to create new, high-tech jobs will have an immediate impact on our economy," James Epolito, the MEDC's chief executive and president, said in a statement.
Of the applications received this year, 51 came from companies in the life sciences, 28 from those in advanced automotive, manufacturing and materials, 19 from those in homeland security and defense and 14 from those in alternative energy.
A list of applicants can be found at www.themedc.org/21CbizPlan/ http://www.themedc.org/21CbizPlan/.
Contact KATHERINE YUNG at 313-222-8763 or kyung@freepress.com
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