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Michigan Pre-Seed II Fund
Invest Michigan manages the Michigan Pre-Seed Fund II which invests capital in early stage high tech Michigan businesses. The firm is actively completing over 80 investments in 45 companies and supports these companies with “follow-on” investments through multiple rounds of financing with targeted investments of between $500,000 to $1,000,000 per company. For more information contact a local SmartZone or visit the Invest Michigan website.
SSBCI 2.0 Small Business Venture Capital Program
The State Small Business Credit Initiative (SSBCI) was recently reinstated with $10 billion in funding as part of the American Rescue Plan Act of 2021 and is intended to provide capital to small businesses and startups that can be used either for debt or equity investment programs. On May 19, 2022, Michigan has been approved for up to $236,990,950 to utilize for capital access, credit support, and venture capital programs designed to assist small businesses grow.
The Small Business Venture Capital Program (“SBVCP”) provides up to $75 million to increase the availability of capital to early-stage, technology-based businesses in the State of Michigan. As approved by the U.S. Department of the Treasury, the Program will support funding for qualified for-profit early-stage, technology-based businesses by investing as a limited partner in venture capital funds operating in the State of Michigan. For more information, visit here.