GOGEBIC COUNTY, MI-- Economic development initiative Invest UP is creating a resource stimulus program to help offset the closure of the Ojibway Correctional Facility in Gogebic County.
Invest UP members mBank of Manistique and People’s State Bank of Munising are partnering with Gogebic Range Bank and First National Bank of Wakefield. They’re providing a $5 million low fixed-interest-rate commercial loan pool accessible to companies in the region.
Officials say the money will assist existing companies with expansion plans, needed capital improvements, new equipment, or working capital. The fund is also available to business start-ups with industrial or technological ventures that may want to locate into the Gogebic County area.
The pool is supported by the Michigan Economic Development Corporation through several loan programs designed to augment cash flow or provide collateral support in financing packages.