MEDC Announces Loan Approvals for Michgan Companies


Published:

LANSING — The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of loans of up to $6.8 million for five growing Michigan companies through the Michigan Business Growth Fund – Loan Participation Program.

“The Loan Participation Program will allow these companies to move forward and continue to grow, which in turn brings jobs and investment to our state,” said MEDC President and CEO Michael A. Finney. “Today’s loans are a clear example of economic gardening in action, leveraging state resources to foster private sector solutions for businesses of all sizes and industry sectors.”

The Michigan Strategic Fund approved loans for the following Michigan companies:

Ram Die Corporation – Tool and die shop located in the City of Grand Rapids. Ram Die Corp. has secured a loan in the amount of $249,000 for working capital in order to complete its new product orders through the MEDC’s Loan Participation Program. Currently, Ram Die Corp. has 15 employees and expects to hire an additional seven over the next five years.

RWC, Inc. – Design and production of manufacturing systems, with primary markets in the appliance and automotive industries, in Bay City. RWC performs welding, metal forming and fabrication, adhesive bonding, as well as the development of assembly systems and robotics integration. RWC has received $1,247,500 in loan enhancement through the Loan Participation Program. With the new growth expected from the new credit terms, RWC plans to hire an additional 24 workers over the next five years, bringing them to a total of 103 employees. 

Hines Industries, Inc. – Design and manufacture of balancing equipment with a goal of improving efficiency of manufacturing processes in Ann Arbor. Hines offers standard dynamic balancing machine models and specialized balanced configurations while serving multiple automotive industries. Hines has received a loan of $250,000 for working capital that will be tied specifically to a new agreement with Chrysler, generating $3.3 million in revenue and $1.4 million in gross profit.

Manistique Papers, Inc. – One of North America’s premier producers of 100 percent recycled fiber content in Manistique. Manistique Papers, Inc. utilized the Loan Participation and successfully saved 156 jobs at the company through MEDC involvement. Acquired by MPI Acquisition, LLC (the Watermill Group) and the MSF, participations were paid back in full plus $70,000 in fees and interest. The MSF has entered into a new working capital loan of $2.5 million with Manistique Papers and mBank for 12 months with full interest and principal payments.

Cherry Growers, Inc. – Serves northwestern Michigan as a fruit processing cooperative in Grawn just north of Traverse City. Cherry Growers participated in the Loan Participation Program in the form of $2,530,000. Cherry Growers plans to add 250 full time employees, bringing them to a total of 400 employees.

The Michigan Business Growth Fund—Loan Participation Program works to increase capital to small businesses by participating with lenders to address cash flow issues which often make small business loans less attractive. Under the loan program, the MEDC partners with private lenders to offer loan participations with little or no interest payments for a specific period of time. The MBGF–LPP purchases a portion of a loan from the lender and offers a grace period on the program’s portion for up to 36 months.

Edit Module
Edit Module Edit Module
Edit ModuleShow Tags

Related Articles

The Fountain Restaurant Rolls into Campus Marius

The Fountain Detroit, a restaurant and bar arrived in the unique beach area at Campus Maritus Park this morning in preparation for the 2016 summer season.

Giant Hot Dog Added to Mackinaw City Diner

Pilot Progam Launched to Promote Healthy Lifestyles in Communities

A new community-based pilot project to promote healthy behaviors and lifestyles within communities has launched in Royal Oak.

Alaskan Outfitter Opens First Michigan Store in Detroit

Filson, a Seattle-based manufacturer and outfitter, has opened the doors to its first Michigan store in Midtown Detroit today.

The Townsend Hotel Unveils Final Phase of Renovations

The Townsend Hotel , an award winning and luxury hotel in Birmingham, is unveiling plans for the final phase of its ongoing modern luxury makeover, which began in 2012.
Edit ModuleShow Tags

Most Popular

  1. Detroit Historic Scarab Club to Launch Major Rebranding Campaign
    The Scarab Club in Detroit’s Midtown district will unveil a major rebranding campaign in early...
  2. Ann Arbor’s TITLE Boxing Club Adds New Owners
    Ann Arbor-based TITLE Boxing Club International— which has grown to 150 boxing clubs from 20...
  3. Detroit Denim Co. Opens New Location, Launches Additional Product Lines
    Described as a new manufacturing center in the Motor City, Detroit Denim Co. opens its new...
  4. Detroit’s Metropolitan Building to be Converted into Extended-stay Hotel
    Starwood Hotels & Resorts Worldwide Inc. and two local partners will convert the historic...
  5. GM Unveils Luxury Edition of 2016 GMC Yukon
    General Motors Co. today revealed the 2016 GMC Yukon SLT Premium Edition, a more luxurious...
  6. New Nonprofit Plans to Build Market-rate Homes, Apartments in Detroit
    With the goal of investing in Detroit’s communities and creating increased access to housing...