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Credit Acceptance Corporation Plans $10.2 Million Expansion, Creating 274 Michigan Jobs

05/24/2012
Credit Acceptance Corporation plans a $10.2 million expansion at its Southfield, Michigan, facility that is estimated to create 274 new jobs.

"Credit Acceptance's expansion is another example of how our economic gardening strategy is helping companies grow and enlarge their footprint in Michigan," said Michigan Economic Development Corporation President and Chief Executive Officer Michael A. Finney. "This investment shows that Michigan's highly competitive business climate and tremendous workforce capabilities mean real opportunities for leading edge companies."

The firm offers automobile dealers a financing program that enables them to sell vehicles to consumers, regardless of their credit history. Credit Acceptance received a $1.8 million Michigan Business Development Program incentive to add team members at its two Southfield facilities in order to meet future staffing needs of the organization. In addition, the City of Southfield supported the project in the form of a tax abatement.

Signed into law by Governor Rick Snyder in December, the Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.

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