CASCADE TOWNSHIP ? Medbio decided to stay in Michigan, after reviewing options in South Carolina and Alabama, after the Michigan Strategic Fund awarded the company a $180,000 Michigan Business Development Program performance-based grant.
The company will now spent $3.4 million in private capital to expand its operations and add up to 45 new jobs, the Michigan Economic Development Corp. said in a press release.
?Michigan?s biotech industry is growing and recognized across the country,? said MEDC President Michael Finney. ?Medbio?s decision to expand in West Michigan further strengthens that position and will bring good jobs in a growing field to Michigan residents for years to come. It is through the efforts of The Right Place and Cascade Township that this expansion is taking place, and we are pleased to support the collaboration.?
Medbio manufacturers precision injection molding and provides product design, packaging, product assembly and sterilization processing for the medical and biotech device industries. The company has experienced tremendous growth.
?We are very excited about our upcoming expansion that will provide us room to continue our growth,? said Medbio President and CEO Chris Williams. ?The entire Medbio team always works together to deliver quality service and value. Our customer base is growing in both sheer numbers and revenue, allowing us to create jobs locally. The Right Place, MEDC and Cascade Township have been integral to our success and provide the support a local business needs to flourish.?
Medbio?s expansion was aided by The Right Place, the Grand Rapids-area economic development group.
?Medbio choosing to expand at its current location in Cascade Township is testament to how our local, regional and state economic development partners can all work together to create jobs and drive investment,? said Right Place CEO Birgit Klohs. ?Medbio has a history of building partnerships and The Right Place is delighted to partner with Medbio, Cascade Township and the MEDC to continue the company?s success here in West Michigan.?
The Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
