LANSING — The Michigan Economic Development Corp. announced Michigan Strategic Fund approval of two business expansion projects that are expected to generate nearly $22 million in investments and add up to 115 new jobs in Michigan.
The grants were to the following companies:
* LTC Roll & Engineering Co. Inc. was founded in 1967 as a manufacturer of roll form tooling and later expanded into manufacturing roll formed parts, mainly for the automotive industry. The company plans to purchase a building to expand manufacturing operations in St. Clair County’s Cottrellville Township, investing nearly $8.6 million and creating 90 jobs. As a result of the expansion, the project has been awarded a $450,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in other states. The St. Clair County Economic Development Alliance is supporting the project by hosting a job fair. Individuals interested in career opportunities with LTC Roll & Engineering should email their cover letter and resume to Debbie Stephens at firstname.lastname@example.org.
* Mando America Corp., a manufacturer of automotive braking, steering, suspension and chassis controls for major OEMs, has its research, engineering, sales and marketing operations in Bay County’s Monitor Township and in Novi. The company plans call for additional renovation of the Monitor Township building, investing up to $13.4 million and creating 25 jobs. As a result, the project has been awarded a $200,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Alabama and Georgia.
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.
For more on the MEDC and its initiatives, visit michiganbusiness.org. Michgian residents seeking opportunites with Michigan companies should check mitalent.org, where more than 90,000 jobs are currently available in a variety of industries.