This fund is intended to assist geographically and demographically disadvantaged individuals through two primary avenues of funding in the form of grants from $1,000 – $5,000 to assist with reopening or pivoting a business or microloans from $5,000 – $10,000 loans with a 1-3 year repayment period.
The $3 million Pre-Seed Fund III will be deployed across the state of Michigan to better support entrepreneurs and technology startups and provide capital support, coaching, assistance with grant funding, and more. Companies should be working in technology sectors as defined in Section 125.2088a of the MSF Act.
The Michigan Strategic Fund has approved modifications to the BAF to provide greater support to business accelerators in Michigan’s Statewide SmartZone network that serve startups and high-tech companies impacted by COVID-19. SmartZone services can be accessed at Houghton/Hancock MTEC, Marquette SmartZone Innovate Marquette and Sault Ste. Marie SmartZone/Sault Ste. Marie EDC
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