The Michigan Economic Development Corp. has awarded a $3.95 million allocation to aid in the expansion of automotive supplier J. G. Kern Enterprises through the Michigan Strategic Fund.
The Michigan Strategic Fund serves as an intermediary between the borrowing company and the lending party for these activity bonds, which finance projects for manufacturers and specific nonprofit organizations. Recently, $15.million was approved, including the money awarded to J.G. Kern.
The allocation will be used to finance the acquisition and installation of machinery and equipment for the Sterling Heights automotive supplier, which manufactures drive train and power train, among other precision components for the auto industry, and is currently in its 40th year in the business.
The privately held manufacturing company’s current facility is 150,000 square feet and stretches across 13 acres. According to the company’s president, Brian Kern, they will start production by May of 2008, and that J.G. Kern Enterprises plans to add additional jobs to accommodate the expansion.
For more information, visit kern2.com.
Source: Brian Kern, kern2.com, MEDC
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