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. The report must also include specific data related to various programs, such as the 21st Century Investment program and community revitalization incentives. Additionally, the fund is mandated to report on the activities of the newly established Michigan Nonprofit Development Center program, which aims to support qualifying nonprofit entities through assistance and interest-free micro bridge loans.

Chapter 8H introduces the Michigan Nonprofit Development Center program, which is designed to foster economic growth and support for qualifying nonprofit entities. The program will provide technical assistance and interest-free loans to nonprofits that meet specific criteria, such as having annual revenues of no more than $1 million and being in existence for at least five years. The fund will administer the program and may collaborate with statewide nonprofit organizations to deliver the required services. The bill also outlines the process for providing these loans, ensuring that they are used for operating expenses and establishing a repayment schedule based on the timing of government grant payments.

Statutes affected:
House Introduced Bill: 125.2009