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U.S. Department of Commerce Invests $1.4 Million to Support Entrepreneurial Growth in Central MI

WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.4 million grant to Central Michigan University, Mount Pleasant, Michigan, for renovations to the Central Michigan University Research Corporation incubator and accelerator.

This investment will support local entrepreneurs through office renovation and upgrades to provide a safer working environment following the coronavirus pandemic. The EDA investment 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 grantee estimates. “President Biden is committed to helping communities tackle the unique challenges that the coronavirus pandemic presented,” said Secretary of Commerce Gina M. Raimondo. “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.”