Michigan Strategic Fund Approves $22 Milllion In Matching Funds For Startups
TLDR:
- 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.
- Two funds, including Michigan’s first Black-led VC fund and Venture Investors Healthcare Fund, will receive support to target specific sectors and businesses.
The Michigan Strategic Fund recently 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. One of the funds, Union Heritage’s Future Heritage Fund, will be Michigan’s first Black-led VC fund targeting Socially Economically Disadvantaged Individuals (SEDI)-owned and very small businesses (VSBs). The second fund, Venture Investors Healthcare Fund, will focus on supporting early-stage companies in the health sector. Each fund will be eligible for up to $11 million in SSBCI 2.0 SBVCP investment.
Chris Cook, Managing Director – Capital Access at Michigan Economic Development Corporation, provided details in a video interview on how these funds can benefit Michigan startups. Companies, with or without revenue, can apply for these matching funds through the Michigan Business website.
Overall, this strategic move by the Michigan Strategic Fund aims to support and boost the startup ecosystem in the state by providing financial support to venture capital investment funds targeting specific sectors such as healthcare and underrepresented communities in entrepreneurship.
