LANSING – The Michigan Strategic Fund Board gave its chair, Treasurer Andy Dillon and Michigan Economic Development Corporation CEO Michael Finney, more leeway in dealing with loans under the 21st Century Jobs Fund on Wednesday. A number of the loans under the program mature during 2012, and the board’s action would require it to approve changes to those loans only if they are more than $3 million.

The board’s prior policy had required its approval on changes to loans totaling more than $1 million.

Officials said the change would streamline the MEDC’s work with the borrowers in the coming year. They also noted other loan programs under the Strategic Fund had similar limits for action by one of the key executives or with consent of the subcommittee overseeing the program.

VENTURE MATCH: The board also approved a public hearing on the Michigan Venture Match Fund. The new program would provide up to $500,000 in matching investments to companies that are able to secure at least $700,000 in private venture capital.

The program is allotted $3 million for the current fiscal year and $10 million total over three years.

The hearing on the program is set for February 8 at 10 a.m. in the Lake Michigan Conference Room, First Floor, Michigan Economic Development Corporation, 300 North Washington Square, Lansing.

CAPITAL CONDUIT: Grow Michigan LLC was the only respondent to, and so the winner of, the bid to run the state’s Capital Conduit Program, for which the board approved an initial outlay of $2.5 million.

Grow Michigan is working to raise at least $30 million in private equity that it will use to make loans to small businesses that might not qualify for bank financing for the entire cost of a project.

The Strategic Fund has set aside $7.5 million total for the program.

DEVELOP MICHIGAN: The Develop Michigan Incorporated Fund was approved for a $5 million line of credit from the fund. The non-profit will provide funding for community development projects around the state through loans from the Strategic Fund and up to $60 million in private equity it is working to raise.

This story was provided by Gongwer News Service. To subscribe, click on Gongwer.Com

a>>