Access To Capital:

Looking for funding? This may help…

Access to capital funding is available through new opportunities for small businesses in Michigan to they can grow and diversify. On January 14, 2010, Michigan was named the first state in the nation to win approval of approximately $79.1 million in federal capital funding to support our state’s cutting-edge Capital Access, Michigan Collateral Support and Michigan Loan Participation programs, part of the Michigan Business Growth Fund (MBGF) efforts.

Michigan economic development officials were the driving force behind the creation and passage of the federal capital access program, which will allocate $1.5 billion across all 50 states to support small business funding.

The Michigan Economic Development Corporation (MEDC) was instrumental in the creation of the successful Michigan Supplier Diversification Fund (predecessor to the MBGF) in June 2009 to address the widespread impact of the credit crunch many companies faced as the result of the global economic downturn. Since its inception, the program has committed approximately $20 million which has sparked capital loans of more than $191 million to 23 companies. To date, the capital loan program has had no defaults and has generated an estimated 4% annual return for Michigan taxpayers. So far, the capital loan program estimates that it has created and retained over 1,800 jobs.

Leave a Reply