Four Ann Arbor companies are among the first to receive low-interest loans through a state program geared at retaining Pfizer Pharmaceutical, Inc., talent and assets.
Integrated Nonclinical Development Solutions Inc., Lycera Corp., Phrixus Pharmaceuticals Inc. and SensiGen LLC will receive $1.2 million from the Michigan Strategic Fund. The companies will create a cumulative 22 jobs.
Each company was allowed to apply for up to $50,000 per job created, says Elizabeth Parkinson of Ann Arbor Spark, one of the nonprofit organizations in charge of recommending local companies to the strategic fund.
"We critiqued them based on their business plan and what they were going to do with the funding, specifically tied to the number of Pfizer-related employees they were hiring," she says.
Though Pfizer's Michigan facilities are shuttered, retaining the company's assets is key, Parkinson says.
"Our region has really been known for our strength in our talent pool, engineers, life science, biotech, IT... we have comp that start organically or out of the University of Michigan, and we're working every day to attract businesses that are looking for a high-knowledge workforce," she says. "For us it was so imperative that state and region do everything can to retain as many proffessionals from Pfizer."
Eighteen other companies were approved for a total of $5.05 million in loans, and 101 job s created. The fund began with a total of $8 million.
"The money's been allocated and will be disbursed," she says. "And we have another round coming up."
Source: Elizabeth Parkinson, Ann Arbor Spark
Writer: Nancy Kaffer
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.