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The MSF Awardee Relief Initiative is intended to provide temporary relief to Michigan Strategic Fund borrowers, grantees and other incentive awardees. Relief will vary based on a case by case review of requests and may include:
The MSF Awardee Relief Initiative temporarily authorizes the following:
Refinancing will not permit principal forgiveness, interest reduction, or re-amortization on the MSF debt, but may result in term extension. Payment deferment would consist of either principal or principal and interest relief as needed. The Initiative will be in place for one year from the time of approval and
available for any MSF program awardee or ultimate beneficiary negatively financially impacted as a result of the COVID-19 outbreak. All applicants will be evaluated on at least the following criteria:
All requests will need to be approved by the MSF Fund Manager, the MSF President and the State Treasurer. All MSF support through this initiative will be written into to existing award agreements or addendums, with terms and conditions in accordance with state law. The MEDC will provide a report to the MSF Board of all delegated actions taken under the Initiative on a quarterly basis.