$250,000 grant from EDA leverages $1.3 million in private investment

Washington, D.C. – Today U.S. Congressman John D. Dingell (D-MI15) commended the Economic Development Administration (EDA) for announcing $250,000 in investment funds to Ann Arbor SPARK to develop and implement a Business Accelerator model in Washtenaw and Western Wayne counties.  This funding will create 255 jobs and leverage $1.3 million in private investment to establish business accelerators.  

“This critical investment will allow Ann Arbor SPARK to establish a Business Accelerator model that will serve as an example throughout Michigan’s 15th District.  Ann Arbor SPARK has led the way in establishing the Ann Arbor Region as a desired place for business expansion and location, by identifying and assisting businesses at every level of business development and helping them get on the innovative technology track.  Their assistance has been critical in helping Southeast Michigan through this economic downturn,” Dingell said. “We know that investments in business accelerators have proven to be one of the fastest ways to create jobs and stimulate local economies by helping new entrepreneurs to get off the ground.  I look forward to working with my colleagues in Congress to bring increased business development investment to the 15th District in the future.”

Washtenaw and Western Wayne counties, like much of Michigan, have been distressed by the loss automotive supplier and manufacturing industries in the region and deteriorating industrial infrastructure.  This award will allow Ann Arbor SPARK to provide business development services to tech-based companies throughout Washtenaw and Western Wayne counties, which will be critical to growing, recruiting and retaining innovative technology businesses in and around the 15th District.  Services will include business development and marketing strategies, assistance for improving business plans to attract investors, and increasing the time to commercialization, among others.

The U.S. Economic Development Administration is the lead agency for assisting economically distressed communities in making investments that will create jobs for American workers that promote American innovation and competitiveness, while also encouraging local economic development.

###