{"id":5003,"date":"2018-11-02T16:43:01","date_gmt":"2018-11-02T16:43:01","guid":{"rendered":"https:\/\/www.investupmi.com\/?p=5003"},"modified":"2021-05-25T15:23:03","modified_gmt":"2021-05-25T15:23:03","slug":"5-million-commercial-loan-program-created-to-stimulate-gogebic-county-jobs","status":"publish","type":"post","link":"https:\/\/www.investupmi.com\/index.php\/2018\/11\/02\/5-million-commercial-loan-program-created-to-stimulate-gogebic-county-jobs\/","title":{"rendered":"$5 Million commercial loan program created to stimulate Gogebic County jobs"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Strategic initiative in response to Ojibway Correctional Facility closing<\/h4>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright\"><img fetchpriority=\"high\" decoding=\"async\" width=\"362\" height=\"208\" src=\"https:\/\/www.investupmi.com\/wp-content\/uploads\/2019\/04\/grouped-block.png\" alt=\"\" class=\"wp-image-5005\" srcset=\"https:\/\/www.investupmi.com\/wp-content\/uploads\/2019\/04\/grouped-block.png 362w, https:\/\/www.investupmi.com\/wp-content\/uploads\/2019\/04\/grouped-block-300x172.png 300w, https:\/\/www.investupmi.com\/wp-content\/uploads\/2019\/04\/grouped-block-250x145.png 250w\" sizes=\"(max-width: 362px) 100vw, 362px\" \/><\/figure><\/div>\n\n\n\n<p>MARQUETTE, Michigan (November 20, 2018) \u2013 InvestUP is supporting economic development activities to help offset the Ojibway Correctional Facility closing in Marenisco Township of Gogebic County. Their efforts are focused on developing a resource stimulus program to create jobs within existing businesses and start-ups. InvestUP members mBank, headquartered in Manistique, and People\u2019s State Bank of Munising, stepped up immediately and led a partnership with Gogebic Range Bank and First National Bank of Wakefield to provide a $5 million low fixed interest rate commercial loan pool that is easily accessible to companies in that region of the U.P.<\/p>\n\n\n\n<p>The loan pool will\nassist existing companies with expansion plans, needed capital improvements,\nnew equipment, or working capital. The fund is also available to business\nstart-ups with industrial or technological ventures that may want to locate\ninto the Gogebic County area.<\/p>\n\n\n\n<p>According to Kelly\nGeorge, InvestUP Board Member and President and CEO of mBank, \u201cThis collaborative\napproach shows exactly the potential we have as a U.P. region to work together\nto address opportunities and challenges alike. It\u2019s important to think\nregionally, to do what\u2019s right for the U.P. first and foremost, not just the\ndomiciled local area. Growing the Gogebic area and retaining critical workforce\ninfrastructure will be a win-win for all in the Upper Peninsula in the long\nrun.\u201d<\/p>\n\n\n\n<p>\u201cThis is the most\naffordable way to start and grow a business in Gogebic County right now,\u201d says\nInvestUP\u2019s Interim Executive Director Karyn Olsson. \u201cWe encourage businesses in\nGogebic County looking to expand and people thinking of starting a business who\nneed some capital to leverage this loan pool opportunity.\u201d<\/p>\n\n\n\n<p>The low interest rate\nloan pool is supported by the Michigan Economic Development Corporation (MEDC)\nthrough several loan programs designed to augment cash flow or provide\ncollateral support in financing packages. The MEDC is also currently working\nwith a local steering committee to develop a roadmap to move the region\u2019s\neconomy forward now and well into the future. The MEDC has committed to fund\nthe study as part of the state\u2019s effort to help area leaders identify\nopportunities for success.<\/p>\n\n\n\n<p>\u201cThis loan fund\nhighlights how businesses working together with state and local officials can\naddress the unique challenges this region is currently facing,\u201d said MEDC CEO\nJeff Mason. \u201cThese types of strategic partnerships will provide the foundation\nfor rebuilding the Gogebic area economy by attracting private investment and creating\njobs.\u201d<\/p>\n\n\n\n<p><strong><em>Businesses interested\nin these loans should contact Mr. Anton Ringsmuth, President of First National\nBank of Wakefield at 906-224-9581, ext. 105 or Mr. Neil Beckman, President and\nCEO of Gogebic Range Bank of Ironwood at 906-932-7646 to discuss their plans\nand submit their loan applications for consideration.&nbsp;<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strategic initiative in response to Ojibway Correctional Facility closing MARQUETTE, Michigan (November 20, 2018) \u2013 InvestUP is supporting economic development activities to help offset the Ojibway Correctional Facility closing in Marenisco Township of Gogebic County. Their efforts are focused on developing a resource stimulus program to create jobs within existing businesses and start-ups. InvestUP members [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5003","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>$5 Million commercial loan program created to stimulate Gogebic County jobs - InvestUP<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investupmi.com\/index.php\/2018\/11\/02\/5-million-commercial-loan-program-created-to-stimulate-gogebic-county-jobs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$5 Million commercial loan program created to stimulate Gogebic County jobs - InvestUP\" \/>\n<meta property=\"og:description\" content=\"Strategic initiative in response to Ojibway Correctional Facility closing MARQUETTE, Michigan (November 20, 2018) \u2013 InvestUP is supporting economic development activities to help offset the Ojibway Correctional Facility closing in Marenisco Township of Gogebic County. Their efforts are focused on developing a resource stimulus program to create jobs within existing businesses and start-ups. 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