ANN ARBOR ? Jan Garfinkle, president of the Michigan Venture Capital Association, said twin funds will be accepting proposals this fall from Venture Capitalists will have a tremendous impact on the amount of money available in 2007 to invest in promising Michigan technology start ups.

The long promised Venture Michigan Fund will begin seeking Requests for Proposals from Venture Capital firms on Oct. 27, starting a 60-day clock that will produce up to $90 million in investments in Venture Capital companies that will pump that money into early stage companies.

But a second fund with the same intent, began issuing a request for RFPs on Sept. 21. The 21st Century Jobs Trust Fund will provide up to $120 million to Michigan companies throughout their business life cycles ? capital to hire more employees, build new factories and provide later stage and mezzanine loans. Initial funds could flow as soon as Nov. 20.

?I?m excited,? she said. ?I hope they start to make investments soon.

Realistically speaking, the dollars won?t probably flow until 2007, Garfinkle said. But she expects the faucet to turn wide pouring tens of millions of dollars into Michigan companies developing products and services for the Information Technology, Homeland Security, Advanced Manufacturing, Alternative Energy and Life Sciences markets.

The legislation requires 30 ? 40 percent of the money from these so called Fund of Funds must go to Michigan-based Venture Capital companies, like her company Arboretum Ventures. But because of regulations by the Securities and Exchange Commission, Garfinkle said she and the other VCs in her organization can?t say if they will apply for the funds.

The fine print on the Michigan Fund of Funds is no individual investment fund can accept more than 25 percent of the total dollars available from either the Venture Michigan Fund or the 21st Century Investment Fund. So the $200 million or so up for grabs has the upside potential to turn into $800 million in funding for Michigan companies, the so-called multiplier effect.

?There are other states doing similar programs,? Garfinkle said. ?We?re in the middle of the pack in regards to what everyone else is doing.?