(Source: MIRS.news, Published 07/09/2024) The Michigan Strategic Fund board met Tuesday and approved incentives through private bonds, grants and loans worth nearly $277 million for 37 different projects to support businesses. 

Michigan Economic Development Corporation CEO and MSF Chair Quentin Messer Jr. thanked Gov. Gretchen Whitmer and the Legislature for the budget, which gave them the ability to help businesses succeed across the state. 

“Team Michigan remains steadfast in our commitment to the ‘Make It in Michigan’ economic development strategy’s focus on people, places and projects to revitalize our communities and support employment and entrepreneurial growth in key industries across the state,” Messer said. 

Gestamp North America Inc., was given a 15-year 100 percent State Essential Services Assessment exemption worth an estimated $5.96 million and a Business Development Program grant for up to $5 million. 

The Match on Main program issued $748,018 in grants to 31 small businesses. The funding was approved by the board in February and the MEDC approved the awards Tuesday, after picking from 113 applicants. 

The multinational group manufactures metal components for auto manufacturers, and the projects supported would help expansion of operations in Mason, Lapeer, and Chelsea. There was also a fourth project that would add machines and equipment to an operation in Chesterfield. 

Gestamp U.S. President Luis Ceular thanked the MEDC and other local economic development partnerships that helped the company. 

“We are happy and proud to have the support from the government of Michigan to help Gestamp grow our business in this key automotive hub after 20 years of success in the local car industry,” Ceular said. 

BerQ U.S. Investments, LLC, was approved to increase their private bond inducement to include two projects in Farwell and Kalamazoo, which would increase the bond amount to $235 million. 

The projects would create manure digesters that would be used to create organic compressed liquid natural gas. 

Side Door Michigan LP and eLab Capital Partners III received money from the Small Business Venture Capital Program 2.0 for different projects. 

Side Door was given $9.8 million to launch a venture capital investment fund that would be used to support technology companies in the state. 

The eLab project is an artificial-intelligence focused venture capital firm that would get $11 million to invest in early-stage AI companies in the state. 

Broadway Detroit Development II LLC would get a more than $8.2 million Michigan Community Revitalization Program Other Economic Assistance loan and the Detroit Brownfield Development Authority was given more than $3.45 million for a housing development project. 

The Broadway Lofts Redevelopment Project was expected to turn three vacant buildings into a single, multistory, mixed-use building, which would have 80 residential units and 6,462 square feet of commercial space. 

Colman Allen LLC, also got a revitalization loan for more than $2.67 million. 

The project was expected to help build a 50-unit housing development in Pontiac. The project also received a $3.5 million Missing Middle Grant from the Michigan State Housing Development Authority.  

“As enthusiasts of Pontiac, we are thrilled to embark on the revitalization of Casa Del Rey, a nationally registered historic building once owned by C.L. Groesbeck,” Ronita Coleman, of Coleman Allen, said.