The bill amends the Michigan Strategic Fund Act by updating sections 9 and 88r to enhance reporting and operational requirements for the fund. It mandates that the fund annually transmit a detailed report of its activities to various legislative and executive stakeholders by April 10, covering the previous fiscal year. This report must include comprehensive data on financial assistance provided, job creation and retention statistics, and the status of loans, among other metrics. Additionally, the auditor general or a certified public accountant will conduct annual audits of the fund, ensuring transparency and accountability in its operations.

Furthermore, the bill establishes the Michigan Business Development Program, which aims to provide grants, loans, and other economic assistance to qualified businesses making investments or creating jobs in Michigan. It outlines a structured application and compliance process, including provisions for repayment if businesses fail to meet agreed-upon conditions. Notably, if a modification to a grant or loan reduces the number of jobs, the assistance amount will be proportionally reduced. The bill also emphasizes the importance of public reporting, requiring the fund to disclose information about financial assistance awarded and the performance of funded projects on its website.

Statutes affected:
House Introduced Bill: 125.2009, 125.2088