Grow Michigan announced today that the Michigan Strategic Fund Board approved a $9.6 million investment in Grow Michigan Fund II.
Grow Michigan reported that approximately $28 million of capital is already committed from outside investors representing multiple Michigan financial institutions.
With the support of the Michigan Strategic Fund, Grow Michigan Fund II will be able to leverage almost a quarter billion dollars of financing for Michigan business owners focusing on their commitment to growing small businesses in Michigan as well as job preservation and creation in the State.
Pat O’Keefe, CEO of Grow Michigan, said “This commitment is extremely important as many companies are trying to restart after one year of the pandemic. With the help of our strategic partner, First Independence Bank, Grow Michigan hopes to reach underserved markets and underserved borrowers.”
The Fund will be administered by local financial consulting firm, O’Keefe, who will identify opportunities to provide access to capital to qualified businesses and assist lenders on how best to deploy the funds aimed at business growth and long-term sustainability.