LANSING, Mich. (WLNS) -The U.S. Department of Commerce’s Economic Development Administration (EDA) is awarded $754,840 in CARES Act Recovery Assistance grants to Techtown in Detroit to support the region’s medical and manufacturing sectors.
The EDA grant will be matched with $249,900 in local investment and is expected to generate $5.5 million in private investment.
“I am grateful to our federal partners for investing in the future of medical technology, manufacturing, and research in Detroit,” said Governor Gretchen Whitmer. “This infusion of resources will generate millions in private investment, support entrepreneurship, and lead to groundbreaking innovations that save lives. With the incoming federal resources and our state budget surplus, Michigan will emerge from the pandemic and jumpstart our economy.”
The project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act which provided EDA with $1.5 billion for economic assistance programs to help communities respond to the pandemic.
“TechTown has been helping to build a more resilient and inclusive economy by leveraging this region’s unique assets for more than 17 years, and now we have a partner at the highest level to help us expand our impact”, said Ned Staebler, President and CEO of TechTown Detroit. “With this grant from the Economic Development Administration, we’ll engage 25 regional stakeholders including healthcare systems, local government entities, private investors, universities and economic development organizations to advance regional innovation in medical technology, creating good-paying jobs and helping SE Michigan build back better.”