The Michigan Strategic Fund board announced support for a number of economic development projects across the state today.
Overall, the MSF board approved projects expected to generate more than $1 billion in private investment and create 4,574 direct jobs, the Michigan Economic Development Corporation announced.
One of the projects is here in the Upper Peninsula, where U.P. Paper in Manistique continues to get state support for its operations.
UP Paper, established in 1920 in Manistique, manufactures recycled kraft paper products sourced from recycled paper products. The company currently employs 97 people and is one of the larger manufacturing employers in the area. The company’s plant is at full capacity and plans to add four new full-time employees in the next six months and an additional four within the next two years. MSF is providing approximately $1.9 million in collateral support that will support its working capital line of credit from Crestmark, a division of Meta bank.
The Michigan Strategic Fund also approved a $2,125,000 MSF grant for the Michigan Manufacturing Technology Center to continue to provide support services to Michigan’s manufacturing industry including assistance in support of the Pure Michigan Business Connect program.
“Leading businesses continue to realize the competitive advantages that Michigan has to offer; high-tech engineering resources, top-notch research and design, and a highly skilled workforce matched with a low cost of living and low cost of doing business,” Mason said. “With announcements like KLA-Tencor last month and Samsung today, we continue to see increased interest in Silicon Valley companies looking to relocate or expand into Michigan. The jobs, both direct and indirect, created by Samsung, Aptiv, Ford, and others will further expand Michigan’s high-tech, R&D and engineering footprint today and position us for future growth.”
