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

Detroit Tigers Announce Partnership With Uber

With only two days until Tigers Opening Day at Comerica Park, the Detroit Tigers today announced a partnership with mobile ridesharing company Uber, naming them the team’s official ride-sharing company. This season, there will be a dedicated pick-up and drop-off zone for fans choosing to Uber to and from Comerica Park, located on the northbound side of the I-75 service drive, between John R and Brush Street.

Detroit Pistons and Henry Ford Health System Partner on Training, Rehab, and Sports Medicine Complex  

The Detroit Pistons and Henry Ford Health System today announced plans to build a new 100,000-square-foot training, rehabilitation, and sports medicine complex in Detroit’s New Center area. The site is bordered by Amsterdam Street, Second and Third Avenues, and a set of railroad tracks to the north. Construction is expected to begin this summer.

Ford Invests $1B in Argo AI, Works Towards Leading Autonomous Vehicle Market

Dearborn-based automaker Ford Motor Co. today announced a $1 billion investment in Pittsburgh-based Argo AI over the next five years, to develop a virtual driver system for the autonomous vehicle Ford has planned for 2021, and for potential licensing opportunities.

Meridian Winter Blast Set to Coincide With North American International Auto Show

The thirteenth annual Meridian Winter Blast, presented by Quicken Loans, has been moved up several weeks and is now scheduled to coincide with the final weekend of the North American International Auto Show — January 20-22.

Detroit Pistons to Move to Downtown in 2017, will Generate Additional $596.2M in Economic Impact

Agreements under which the Pistons will move to downtown Detroit and begin playing next season at the new Little Caesars Arena in The District Detroit, a $1.2 billion sports and entertainment development, have been announced today.
Edit ModuleShow Tags

Most Popular

  1. Architectural Engineering Firm to Open Detroit Office on Woodward
    Fishbeck, Thompson, Carr, and Huber, an architectural engineering firm in Novi with more than 60...
  2. Wayne State University Opens Geology Mineral Museum in Detroit
    Wayne State University today announced a new Geology Mineral Museum, which includes a collection...
  3. Robertson Larson Group Offers New Condo Development in Downtown Birmingham
    A new residential condominium development, called 750 Forest and located in Birmingham’s...
  4. 5Qs With Dan Carney, President of the National Kidney Foundation of Michigan
    Dan Carney has been president and CEO of the National Kidney Foundation of Michigan for over 30...
  5. Henry Ford to Offer Innovative Cancer Screenings for Dense Breasts
    In a first for Michigan, the Henry Ford Cancer Institute is introducing a new and advanced...
  6. Report: National, Local Business Leaders say Detroit Must Invest in Small Businesses
    The Kresge Foundation, a Troy-based private grant-making organization that supports social...