The Small Business Administration has announced a new fund that will focus exclusively on providing capital to Michigan businesses.
The InvestMichigan! Mezzanine Fund will provide up to $130 million of investment capital over the next five years to high-growth businesses throughout Michigan. The SBA will provide $80 million at no cost to the taxpayers, said SBA Administrator Karen Mills in a press call July 26.
The fund will focus on underserved markets or in sectors that have been defined as national priorities, the SBA said. Impact investments can target small businesses located in or employing residents of low- or moderate-income areas or economically distressed areas.
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