Wednesday, September 05, 2001
$5 Million Fund Designed to Further Develop State’s Technology Business Sector
The Michigan Economic Development Corporation (MEDC) announced the formation of the Michigan Growth Capital Fund today.The $5 million fund will be used to encourage further private and public investments in Michigan’s technology business sector.
“The House and Senate Appropriations Committees showed astute foresight by giving the MEDC this powerful tool,” said Doug Rothwell, president & CEO of the Michigan Economic Development Corporation.“This fund will serve as a catalyst to develop some of Michigan’s most cutting edge visions helping to further cement our state’s technologically advanced reputation.”
Eligible uses of the new fund include:
·Investments in organizations and programs that create and promote the development of new industry sectors in Michigan;
·Inducements to attract additional venture capital funds to finance technology development;
·Support organizations, initiatives or events that promote entrepreneurship; and
·Support technology transfer and commercialization programs with universities and the private sector.
"The creation of this fund represents an investment in Michigan's future," said Senator Shirley Johnson (R-Royal Oak), chair of the Senate Career Development Appropriations Subcommittee. "Seed money used to spur technology research and subsequent commercial applications now will result in millions of dollars in economic development in years to come. This is an important initiative, and I look forward to many successes resulting from it."
In order to receive funding from the Michigan Capital Growth Fund, applicants must match the funds on a 1:1 ratio.Funding can be in the form of loans, grants or other arrangements.
"The creation of the Michigan Growth Capital Fund will help keep Michigan in the forefront of technology," said Rep. Marc Shulman (R-West Bloomfield), chair of the House Appropriations Committee.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.