LANSING – Gov. Gretchen Whitmer seeks to inject $200 million into Michigan technology startups using federal pandemic relief funds, as part of a broader $1.52 billion proposal for using federal American Rescue Plan Act funding that Congress approved in March.
Whitmer’s Startup Resiliency Initiative would put $140 million into direct equity investments in tech startups with venture capital and angel investors. Another $50 million would fund grants for business accelerators, emerging technologies and microloans, as well as three new capital funds. The remaining $10 million would go toward supporting technical assistance for angel investing networks, mentor-in-residence programs, SmartZones across the state, and business and financial training for startups.
With the Initiative, Whitmer wants to support the “many tech startups (that) are faced with significant economic challenges, including issues with cash flow and resources needed to support their technology development, employees and customers” during the COVID-19 pandemic, according to a 42-page plan that outlines how the state could use the federal funding.
To read more, click on https://mibiz.com/sections/finance/whitmer-proposes-200m-in-federal-pandemic-relief-for-tech-startups
