U.S. Department of Commerce Invests $1.4 Million to Support Entrepreneurial Growth in Central Michigan
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.4 million grant to Central Michigan University, Mount Pleasant, Michigan, for renovations to the Central Michigan University Research Corporation incubator and accelerator.
This investment will support local entrepreneurs through office renovation and upgrades to provide a safer working environment following the coronavirus pandemic. The EDA investment will be matched with $352,320 in local funds and is expected to create 100 jobs, retain 30 jobs and generate $5 million in private investment, according to grantee estimates.
“President Biden is committed to helping communities tackle the unique challenges that the coronavirus pandemic presented,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment in the Central Michigan University Research Corporation will enhance its facilities to support home-grown high-tech entrepreneurs, who will be a long-term source of jobs and private investment for the region.”
“The Economic Development Administration is pleased to support Central Michigan University and its efforts to build a more resilient regional economy,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “The Central Michigan University Research Corporation is an anchor facility for entrepreneurs in the region where they can safely meet in person and return to pre-pandemic productivity.”
“Today’s investment will help the Central Michigan University Research Corporation improve its facilities and empower entrepreneurs,” said Governor Gretchen Whitmer. “This investment will help us continue growing our economy, creating good-paying jobs, and building on our manufacturing and R&D strengths. This month, we opened the Facility for Rare Isotope Beams at Michigan State University and the Wacker Innovation Center in Ann Arbor. We must keep investing in every region of Michigan to tap into the entrepreneurial energy in every county of our great state. Our efforts to grow the economy are working – unemployment is 4.4%, we’ve added 174,000 jobs year over year, and we are working together to lower the costs of essentials like childcare and housing and putting money in people’s pockets with $400 auto refund checks and proposed tax cuts for seniors and working families. Let’s keep Michigan moving by investing in our economic development and the kitchen-table issues.”
“This investment will strengthen the University’s efforts to provide our entrepreneurs and small businesses with the space and resources they need to get their businesses up and running,” said Senator Debbie Stabenow. “Congratulations to Central Michigan. It’s exciting to see the University transform new technology and innovation into new jobs and new businesses for Michigan.”
“Central Michigan University continues to play a vital role in creating jobs and spurring growth throughout Michigan by supporting entrepreneurs and small businesses – the lifeline of our economy,” said Senator Gary Peters. “This federal support will ensure the Central Michigan University Research Corporation can effectively continue working to uplift innovation in the region.”
“CMU’s Research Corporation helps bring local businesses together to collaborate on investments that benefit mid Michigan residents and our local communities,” said Congressman John Moolenaar (MI-04). “Renovating CMURC’s incubator will help foster future partnerships that contribute to the region’s economy and I congratulate the leadership at CMU for their work in securing this funding.”
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.