|
Governor Doyle Announces Rural Economic Development Loan - Innomation, Inc.
For Immediate Release: October 23, 2008 MADISON - Governor Jim Doyle today announced that Innomation, Inc. in Phillips will receive $100,000 in Rural Economic Development (RED) loans from the Department of Commerce. "To continue to stay ahead of the competition, Wisconsin's manufacturers must invest more in research and development to improve existing products and develop new ones," Governor Doyle said. "And our state must continue to invest in companies like Innomation that are committed developing high end products that will help us compete in a global economy." Innomation, Inc., founded in 2007 and based in Price County, has developed a product called "Corrucomb," which is used in panels for walls, roofs and floor decks. Corrucomb is a low density resin made from waterproof corrugated material used for extended width and length panel construction and assembly. Innomation, Inc. plans to use the funds to construct an office, purchase equipment, and build a prototype. Total cost of the project is $2.75 million. The RED Program, administered by Commerce, helps small rural businesses start up and expand their operations. For more information on Commerce programs and services, contact the Commerce area development manager at http://commerce.wi.gov/BD/BD-AreaDevManagers.html. -30- |
|