Bill > HB6015

This bill amends the Michigan Strategic Fund Act to establish a new "small business program" (Chapter 8F) and to ensure that the Michigan Strategic Fund (MSF) reports on its activities related to this new program. The small business program will be administered by the MSF and will award grants to eligible applicants, which include entities like community development financial institutions, non-profit organizations supporting small businesses, local economic development corporations, regional planning commissions, and institutions of higher education. These eligible applicants will then use the grant money to provide loans, grants, investments, or technical assistance to small businesses, defined as businesses with fewer than 500 full-time employees incorporated or doing business in Michigan. The bill also creates a dedicated "small business fund" within the state treasury to hold money for this program, and it requires the MSF to prioritize and support the development of small businesses in Michigan. Furthermore, the bill updates reporting requirements for the MSF to include specific details about the small business program, such as the number of eligible applicants receiving grants, the amount and purpose of those grants, the number of small businesses served, and the number of small business jobs created as a result of the program.