Michigan Strategic Fund Backs Projects Totaling 1,300+ Jobs, $240 Million in Investments

Article courtesy of MIRS for SBAM’s Lansing Watchdog newsletter

The Michigan Strategic Fund (MSF) board Tuesday approved a series of economic development projects that, together, are expected to create more than 1,300 jobs and drive over $240 million in new investment across the state.  

According to a press release from Gov. Gretchen Whitmer, the projects span robotics, technology, fintech and agriculture, supporting Michigan’s long-term economic strategy and strengthening communities statewide. The approvals came during the board’s Dec. 9 meeting, where members heard detailed presentations on each project.  

“Michigan is open for business and on the move, creating good-paying jobs and growing our economy so every family can succeed,” Whitmer said. 

The board first approved a $2.7 million Michigan Business Development Program (MBDP) grant to Teradyne, Inc., which plans to establish its first U.S. robotics manufacturing hub in Wixom. The company expects to invest more than $32 million and create 231 jobs at a facility that closed earlier this year, restoring manufacturing activity and responding to growing demand for collaborative robots.  

Teradyne executives told the board the site will undergo significant upgrades in 2025, with production targeted to begin by year’s end. Board members unanimously approved the incentive following discussion about job creation, the region’s talent base and Michigan’s competitive edge in securing the project.  

HealthBridge Financial, a Grand Rapids–based fintech firm, secured board approval for a $1.5 million grant to support a major expansion. The company, which provides payment-plan solutions to hospitals and patients, plans to invest roughly $17 million and add at least 200 new jobs in Cascade Township while maintaining its existing Grand Rapids presence. CEO Gregory VandenBosch told the board that rising healthcare costs and hospital financial pressures have accelerated demand for HealthBridge’s services, prompting the need for expanded operations. Local economic development leaders noted the company had considered out-of-state options before choosing to grow in west Michigan.  

The Michigan Milk Producers Association (MMPA) will undertake two dairy processing projects totaling $122 million in Ovid and Wheatland Township, backed by an MBDP grant and two State Essential Services Assessment (SESA) exemptions.  

MMPA plans to create 76 jobs across the two facilities, including new ultrafiltered milk production in Ovid and a return to cottage cheese production in Wheatland Township at a facility that closed earlier this year. Local leaders from both communities expressed strong support, citing the cooperative’s long presence, the economic importance of dairy jobs and relief from wastewater cost burdens caused by the earlier plant shutdown. All three approvals passed unanimously.  

Finally, technology solutions company Eccalon LLC received approval for a $10 million grant and a five-year State Essential Services Assessment (SESA) exemption to establish its new headquarters and innovation hub in Detroit’s Icon building. The company plans to invest $70 million and create 800 jobs in fields such as cybersecurity, artificial intelligence and advanced analytics.  Representatives from the company and Detroit economic development organizations highlighted the project’s potential to expand the region’s tech workforce and activate the riverfront facility. Board members voiced support for the company’s training commitments and for Detroit’s growing role in high-tech industries.  

The meeting concluded with unanimous votes on all incentives presented and acknowledgment of the projected economic impact across the state. 

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