LANSING – State Representative Kathy Angerer (D-Dundee) today praised the announcement that Ann Arbor-based GeneVivo LLC will receive a $200,000 low-interest loan from the state's Company Formation and Growth Fund, an initiative designed to retain Pzifer talent following the company's downsizing.
The Michigan Strategic Fund announced its decision on Thursday to award the loan to GeneVivo, a move that will create four jobs.
"Every step we take to diversify our economy and create jobs to boost our local economy is important," Angerer said. "Michigan has the best workers in the world, and initiatives such as the Company Formation and Growth Fund will us as we do everything we can to turn Michigan's economy around."
The Michigan Strategic Fund Board created the $8-million Company Formation and Growth Fund in June 2007 to accelerate growth by making use of employees and equipment connected with facilities closed by Pfizer. Pfizer made its announcement in January 2007 that it would close facilities as a cost-cutting measure.
"Our community has a remarkably high concentration of skilled workers with cutting-edge skills and a depth of experience," Angerer said. "This move is a step in the right direction for our economy."