By: Deborah Johnson Wood
In an effort to retain the human talent and scientific equipment left in the wake of Pfizer's downsizing of workforce and facilities, Michigan Governor Jennifer Granholm announced last week that the Michigan Strategic Fund (MSF) board has appointed Zeeland-based Lakeshore Advantage, an economic development corporation, as one of four EDCs to make loan recommendations for the $8-plus million Company Formation and Growth Fund.
The MSF created the fund to finance opportunities to accelerate company growth and create new businesses that establish biotech or life science-related jobs for former Pfizer employees, or use technologies and high-tech equipment connected with Pfizer's closed facilities in Holland, Kalamazoo, Plymouth Township, and Portage.
The MSF board also awarded a $550,000 grant to enable Ann Arbor SPARK and Southwest Michigan First to continue and enhance the distribution of Pfizer-donated equipment to companies throughout Michigan.
"Growing the life sciences industry in Michigan is paramount to our economic diversification strategy," say James Epolito of the MEDC.
In June, the MSF awarded a $3,423,339 grant to transform the former Pfizer research facility in Holland into a bioeconomy research and commercialization center for life science technologies in Michigan.
Source: Michigan Economic Development Corporation
Related Articles
State considers $8M fund to finance life sciences startups
Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.