112 compete for $30 million from 21st Century Job Fund this year

Let's try to fit at least 112 business proposals into a $30 million pot of money. Not possible, especially when those proposals are asking for $475.7 million.

Those are the latest numbers from this year's competition for funding from Michigan's 21st Century Jobs Fund. This year at least 112 proposals are competing for the $30 million in available loans from the fund. That money will go to the firms that are ready to create new products and jobs sooner rather than later.

The sectors covered in the fund include alternative energy, life sciences, advanced automotive, manufacturing and materials, and homeland security and defense. Of the 112 proposals, 51 are in life sciences, 28 are in advanced automotive, manufacturing and materials, 19 are in homeland security/defense and 14 are in alternative energy. A list of applicants is available here.

The National Center for Manufacturing Sciences, which calls Ann Arbor home, will pass judgment on the applications and recommend which ones are worthy of priority funding. The Strategic Economic Investment and Commercialization board will then announce the winners in October.

The $2 billion 21st Century Jobs Fund is administered by the Michigan Economic Development Corporation. More than $126.3 million was awarded last year to 78 organizations. The fund was set up so much of the money, about $400 million, was front loaded in the first few years.

Source: Bridget Beckman, spokeswoman for the Michigan Economic Development Corporation
Writer: Jon Zemke

Related Tags

Investment

112 compete for $30 million from 21st Century Job Fund this year

Related Tags

Recommended Content

Across Our Network