Great Lakes Wire

Michigan Gov. Gretchen Whitmer announced that the U.S. Economic Development Administration has awarded more than $1 million to help support entrepreneurial growth in central Michigan. 

In a May 10 news release, Whitmer announced that a $1.4 million grant was awarded to Central Michigan University by the EDA in order to fund renovations to the CMU Research Corp. incubator and accelerator. The funds are a direct investment to support local entrepreneurs through office renovation and upgrades that will create a safer working environment in lieu of the COVID-19 pandemic. 

“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 Sen. Debbie Stabenow in the release. “Congratulations to Central Michigan. It’s exciting to see the University transform new technology and innovation into new jobs and new businesses for Michigan.”

“CMU’s Research Corp. helps bring local businesses together to collaborate on investments that benefit mid-Michigan residents and our local communities,” said U.S. Rep John Moolenaar (R-Mich.), according to the news release. “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.”

In addition to the EDA funding, the renovation investment also 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 the release. The investment also will help combat unemployment in Michigan, which currently sits at 4.4%, with 174,000 jobs added year over year. 

“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 Sen. Gary Peters (D-Mich.), according to the release. “This federal support will ensure the Central Michigan University Research Corp. can effectively continue working to uplift innovation in the region.”

Under the U.S. Department of Commerce, the Economic Development Administration serves to guide the federal economic development agenda by promoting competitiveness and preparing all of the nation's regions for growth and success in the worldwide economy.

“President Biden is committed to helping communities tackle the unique challenges that the coronavirus pandemic presented,” said Secretary of Commerce Gina M. Raimondo in the release. “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.”