This bill amends the Michigan Strategic Fund Act by updating Section 9 and adding Chapter 8H. The amendments to Section 9 require the fund to provide an annual report detailing its activities, including information on financial assistance provided, job creation and retention statistics, and the status of loans. Notably, the report must now be submitted by April 10 each year and includes new requirements for reporting on bankruptcy notifications and the activities of various programs, including the Michigan nonprofit development center program. The bill also specifies that the fund must cooperate with the Department of Treasury in preparing related reports.

Chapter 8H establishes the Michigan nonprofit development center program, aimed at supporting qualifying nonprofit entities through technical assistance and interest-free micro bridge loans. The program is designed to assist nonprofits with various operational aspects, including budgeting, management, and fundraising. The fund is tasked with administering this program and must prioritize organizations with experience in providing the necessary services. Additionally, the bill outlines the conditions under which the fund can provide bridge loans to nonprofits awaiting government funding, ensuring these loans are interest-free and used solely for operating expenses.

Statutes affected:
House Introduced Bill: 125.2009