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MegadealsSubsidy Tracker Individual Entry
Company: Innovative Composites, Inc.
Parent Company:
Subsidy Source: state
Location: Michigan
City: Sault Ste. Marie
Address: 1302 West Easterday Avenue Sault Ste Marie
Zip: 49783
Project Description: ICI is in the midst of a turnaround effort and was seeking working capital availability in order to be able to work through several pieces of anticipated new business. mBank provided a $1,500,000 working capital line of credit to ICI in order to support these new contracts. The new line was supported by a cash collateral pledge from the MSF of $748,500.
Year: 2014
Value of Loan, Loan Guarantee or Bailout Assistance: $748,500
Loan Value Notes: Loan amounts do not reflect repayments. See the original source for that information.
Program Name: Michigan Supplier Diversification Fund
Awarding Agency: Michigan Economic Development Corporation
Type of Subsidy: loan or bond financing
Number of Jobs or Training Slots: 136
Source of Data:
(click here)
Notes: Year is fiscal year. Jobs is sum of new and retained positions.
Source Notes: If an online information source is not working, check the Tracker
inventory page for an updated link.