This bill amends the Michigan Strategic Fund Act by updating Section 9 and adding Chapter 8F, which introduces a new small business program. The amendments require the fund to provide an annual report detailing its activities, including information on financial assistance provided, job creation, and the status of loans. Notably, the report must now include specific data related to small business grants, such as the number of small businesses served and jobs created as a result of the program. Additionally, the bill mandates that the fund cooperate with the Department of Treasury to prepare reports required under the income tax act.

Chapter 8F establishes a small business program aimed at facilitating the creation, growth, and retention of small businesses in Michigan. The program will award grants to eligible applicants, which include community development financial institutions, nonprofit organizations, and local economic development corporations. The fund is tasked with developing a detailed application and compliance process for grant approval, ensuring that the funds are used effectively to support small businesses. The bill also emphasizes the importance of monitoring and reporting on the impact of these grants on entrepreneurship and small business opportunities within the state.

Statutes affected:
House Introduced Bill: 125.2009