LANSING – Saline Lectronics received $998,000 Wednesday to back a loan to expand its manufacturing facility, becoming the first participant in the Strategic Fund’s Supplier Diversification Fund.

The money, part of the 21st Century Jobs Fund, was put in a certificate of deposit at Comerica Bank to act as collateral for the $2 million loan the electronics manufacturer needs to expand its plant and create 53 jobs.

“Michigan is putting into action innovative economic development tools like the Michigan Supplier Diversification Fund to help Michigan companies diversify into high-growth sectors and create and retain jobs,” said Gov. Jennifer Granholm of the deal approval.

Saline Lectric began doing automotive work, but has expanded into medical, aviation and now wind power projects, said President Mario Sciberras.

“This program you all created fits us like a glove,” Sciberras told the board.

“This program adds another tool to help banks like ups help companies like this,” said Tim Trapp with Comerica.

The money provided to Saline Lectronics is a 5-year certificate of deposit that the company can pay back over time as the value of its new facility grows to cover the needed collateral on the Comerica loan. Paying the funds back also reduces the annual fee paid on the CD by the company.

INFRASTRUCTURE GRANTS: Forty-six communities around the state will be able to make infrastructure improvements under a series of grants approved by the board Wednesday. The board approved $14.14 million in community development block grants, all federal funds, to cover the projects chosen from among 111 applications.

Belding Mayor Roger Wills outlined the sewer improvement projects his community will complete with the funds, including replacement of two lift pumps and sludge removal, required under an agreement with the Department of Environmental Quality, from two sewage lagoons.

But Michigan Economic Development Corporation officials said those not receiving funds will receive assistance from the agency to help them ready their projects for future grant opportunities.

PFIZER WORKERS: Another three former Pfizer employees also found work Wednesday with the approval of a $150,000 loan from the Pfizer Company Formation and Growth Fund. AFID Therapeutics requested the loan to add positions at its operation in the Michigan State University Bioeconomy Institute in Holland, one of the former Pfizer facilities in the state.

BOND COUNSEL: Foster, Swift, Collins and Smith was added to the list of possible bond counsel for the MEDC, as that is the new employ of long-time MEDC bond counsel John Kamins.

Kamins had reviewed bond issues for the agency since it was first created, and for its predecessor agency. He requested that his new employer be added to the approved bond counsel list.

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