April 6, 2016
A Flint company will purchase equipment, supplies, make building improvements and hire new employees as a result of Michigan Economic Development Corporation’s participation in a $200,000 term loan initiated by Metro Community Development. The loan is part of an ongoing economic development effort to help Flint’s businesses grow and create new jobs.
“Reinvigorating the Flint economy requires cultivating a business-friendly environment while supporting businesses that are committed to long-term investment and creating jobs in the city,” MEDC CEO Steve Arwood said. “In working closely with Flint entrepreneurs, the city’s bedrock corporations and the cultural community, we are working to create a vital network to promote the city’s future.”
MEDC will provide $99,800 of the total loan to Flint-based Comprehensive Coatings, which provides protective coatings and corrosion controls for a range of products and vehicles. The company’s building on the city’s northeast side has been donated recently by Catholic Charities-Flint, a nonprofit social services agency.
The loan to Comprehensive Coating is based on a partnership between MEDC and Metro Community Development, which aims to build collaborative community development initiatives in Flint and Genesee County.
Starting with 20 new jobs this year, the company is expected to hire as many as 100 full-time employees within two years of the closing of the loan. The facility is expected to be open within the next few months.
Comprehensive Coating will be the primary supplier of coating needs for the Lapeer-based Lapeer Industries, which provides manufacturing, prototyping and engineering services to the automotive and defense industries.
Eventually, the site will train students at Flint/Genesee Job Corps, Mott College and local high schools.
In addition to the state loan, Comprehensive Coating received a $25,000 Community Ventures Grant. The funds provide the company with support to hire structurally unemployed workers. The program, which is available to companies in Flint, Detroit, Saginaw and Pontiac, is coordinated by the Talent Investment Agency.
“We are excited to play a role in the revitalization of Flint,” TIA Director Stephanie Comai said. “This grant will help tap the talent that exists throughout the community and put residents on the path to successful employment.”