Michigan Strategic Fund Approves $22 Milllion In Matching Funds For Startups

LANSING – The Michigan Strategic Fund board approved up to $22 million in State Small Business Credit Initiative (SSBCI) 2.0 Michigan Small Business Venture Capital Program (SBVCP) funding to support two venture capital investment funds.

Chris Cook Managing Director – Capital Access at Michigan Economic Development Corporation provides details in this video interview how these funds can help Michigan startups.

Union Heritage’s Future Heritage Fund, Michigan’s first Black-led VC fund, will target Socially Economically Disadvantaged Individuals (SEDI)-owned and very small businesses (VSBs).

A second fund, Venture Investors Healthcare Fund, will support early-stage companies in the health sector. Each fund will be eligible for up to $11 million in SSBCI 2.0 SBVCP investment.

Details for how companies with or without revenue can apply for these matching funds at www.michiganbusiness.org.

About the Author: Mike Brennan

Founder of Michigan News Network, and serves as CEO, as well as Editor & Publisher of MITECHNEWS.COM. Brennan has worked since 1980 as a technology writer at newspapers in New York, NY, San Jose, CA., Seattle, WA., Memphis, TN., Detroit, MI., and London, England. He co-founded and served as managing editor of Pacific Rim News Service (SEATTLE), which developed a network of more than 100 freelance journalists in 17 Asia-Pacific countries.