LANSING — The Michigan Economic Development Corp, has granted the Michigan Strategic Fund approval of a $375,000 Michigan Business Development incentive for Vectorform to expand its headquarters in Royal Oak, a project that will generate approximately $2.24 million in new private investment and add up to 75 new jobs.
“Vectorform is a leading software design firm and its commitment to Michigan will bring additional good-paying jobs here for years to come,” says Michael A. Finney, MEDC president and CEO. “Vectorform’s decision to expand in Michigan demonstrates our state’s strong advantages as a great place to do business.”
Vectorform, a global design and technology firm specializing in emerging digital experiences, has experienced rapid growth and plans to expand in the former Barnes and Noble building in Royal Oak.
“As we continue our rapid expansion, our leading plan is to keep our global headquarters in Royal Oak by moving our facility into the downtown area,” says Jason Vazzano, Vectorform co-founder and CEO. “Our goal is to build a world-class facility that provides a revolutionary work environment and attract top talent prospects from around the world.”
The city of Royal Oak plans to provide public parking permits issued to the company’s employees.
The Michigan Business Development Program provides grants, loans, and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
The MSF considers a number of factors in making these awards, including out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business retention and retail projects are not eligible for consideration of these incentives.