July 26, 2006
July 26, 2006
Granholm says company will create 450 new jobs with funding from Charter One Job Creation Loan Program
DETROIT – Governor Jennifer M. Granholm and Sandra Pierce, president and CEO of Charter One Bank, Michigan, today announced that ePrize, an interactive promotion agency based in Pleasant Ridge, is expanding with the help of the Charter One Job Creation Loan Program. The initiative is part of the Governor’s comprehensive Jobs Today, Jobs Tomorrow economic plan and offers below-market rate loans to companies that commit to creating or expanding jobs in Michigan.
The Governor and Charter One announced the program in February 2006 as a way to create 5,000 new jobs in the state over the next three years by helping companies expand their operations or relocate to Michigan.
ePrize, the world’s largest international, interactive promotions agency, will borrow $10 million to expand the company’s workforce to accommodate growing demands for the company’s services. Under the terms of the low 4.99 percent loan and through their own efforts, ePrize will create 450 new, full-time jobs over the next three years.
“Access to capital is critical for growing companies like ePrize who are looking to expand and create jobs in Michigan,” Granholm said. “These loans are providing access to that capital and are an important piece of my economic plan to grow Michigan’s economy, to keep the jobs we already have, and to attract new jobs and investment to the state.”
With offices in Detroit, Chicago, New York, Los Angeles, Dallas and London, ePrize designs and manages programs that create relationships between customers and brands. Founded in 1999, ePrize has developed and managed more than 2,200 campaigns in 36 countries for some of the world’s most recognized brands, including Coca-Cola, P&G, DaimlerChrysler, and Dell.
“Charter One is proud to support ePrize’s continued growth in our state, and we commend the company for its vision and commitment to job creation,” Pierce said. “ePrize is an impressive company poised for continued growth and success.”
ePrize will expand its team of technical experts, creative directors, administrative and operational staff to 680 in Michigan and 750 globally by 2009. The company’s promotions provide actionable customer profiles that turn data into dollars for clients and their agencies.
“Through Charter One’s program and additional organic growth, ePrize will be able to triple its staff size and augment Michigan’s knowledge-based economy,” said Josh Linkner, CEO of ePrize. “The loan enhances ePrize’s reputation as one of the nation’s top interactive agencies and allows us to help Michigan boost its reputation as a great place to do business in the high-tech arena.”
Charter One is offering $200 million in loan funds at below-market interest rates to companies creating jobs or expanding in Michigan. The Charter One Job Creation Loan Program requires borrowers to create a minimum of one full-time job for every $40,000 borrowed at the fixed interest rate of 4.99 percent (currently 3.26 points below prime). The minimum loan size is $1 million and the maximum is $10 million. Companies eligible for the program include any public or privately-owned business in a broad array of industry sectors, including manufacturing, distribution centers, emerging sectors, and the 21st Century Jobs Fund competitive-edge technologies: life sciences; alternative energy; advanced automotive, manufacturing and materials; and homeland security and defense.
The Michigan Economic Development Corporation (MEDC) is marketing the unique program to companies already in Michigan and those businesses considering relocating to the state. MEDC administers the loan program and will conduct annual audits to certify that borrowers fulfill job creation commitments.
Companies interested in obtaining more information about the program can log on to www.michigan.org or contact the MEDC at 888-522-0103.
About ePrize, LLC
As the industry leader of interactive promotions, ePrize has developed and managed more than 2,200 campaigns in 36 countries for the world’s most recognized brands. ePrize has successfully launched promotions for top advertisers, including Coca-Cola, American Express, Harrah’s, General Motors, The Home Depot, Yahoo!, The Gap, Palm, Ford, Northwest Airlines, Unilever, P&G, Warner Brothers, Dell, and Subway.
ePrize designs and manages powerfully effective programs that create relationships between customers and brands and motivate specific consumer behavior. Its promotions create actionable customer profiles that turn data into dollars for clients and their agencies. The company has offices in Detroit, New York, Chicago, Los Angeles, Dallas, and London. For more information visit www.eprize.com.
About Charter One Bank, N.A.
Charter One Bank, N.A., is a $41 billion bank operating in Illinois, Indiana, Michigan and Ohio. It has 480 branches and more than 800 ATMs. It has 120 branches and 135 ATMs in Michigan. Charter One is a subsidiary of Citizens Financial Group, Inc., a $155 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,700 ATMs and more than 26,000 employees in a 13-state retail branch network and has non-branch retail and commercial offices in about 40 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits as of September 30, 2005. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).The Charter One Web site is charterone.com.
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