GRAND RAPIDS – Nearly $237 million in federal funding coming to the state is planned to support small businesses in Michigan through lending initiatives and equity investments in venture capital funds.

The Michigan Economic Development Corp. aims to deploy the federal funding across five programs, including investing $75 million in one or more venture capital funds operating in the state.

In partnering with early-stage venture capital investors, likely as a limited partner, the MEDC wants to leverage private capital investments and the expertise of venture capital firms, said Chris Cook, the MEDC’s managing director of capital access.

“We want to rely on the private sector, its decision making and its expertise, to identify opportunities that have the highest likelihood of success,” Cook said.

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