Great Lakes Wire

The Michigan Strategic Fund has cleared the $60 million Michigan Innovation Fund (MIF) to advance early-stage startups and provide support services to entrepreneurs in Michigan. The program received initial approval through legislation signed by Governor Gretchen Whitmer in January.

Ben Marchionna, Chief Innovation Ecosystem Officer at the Michigan Economic Development Corporation, emphasized the significance of the initiative, stating, "I think what's interesting is that it represents the state's largest vote of confidence in Michigan entrepreneurs in over two decades. These entrepreneurs are the frontline Michiganders toiling away day and night to build new businesses and grow jobs across our state."

ID Ventures Managing Director Patti Glaza highlighted the fund's focus on high-tech and high-growth companies in Michigan. Despite the original funding goal of $150 million, efforts to secure an additional $50 to $100 million continue for long-term sustainability. Glaza remarked on the impact of the fund, "While it took us a few years to get the fund through the legislation, the effort has had a much larger effect than I think any of us anticipated. The startup ecosystem across the state is collaborating at a new level."

The Michigan Strategic Fund also approved a $15 million allocation and a name change for the Build Ready Sites program, now called the Michigan Ready Sites Program. This program aims to develop sites to attract businesses.

Additionally, the board approved $300 million in funding for four projects. Notably, a $15 million grant and a nearly $1 million tax exemption was allocated for a new 45,000-square-foot health facility in downtown Detroit by Bold Advanced Medical Future (BAMF) Health. Governor Whitmer commented, "BAMF’s new facility will help them better serve Michigan patients. It will reinforce Michigan's reputation as a leader in health care and the best place to pioneer cutting-edge technology that not only grows our economy but makes peoples' lives better."

Transformational Brownfield Plans were also approved for developments in Muskegon and Southfield. Parkland Properties of Michigan and Middlepointe Investment Group LLC received tax capture incentives for projects that will create residential and commercial spaces.

Lastly, a project to revamp a parking lot in Ferndale into a mixed-use property with residences and commercial space received a $3.95 million loan.

Whitmer remarked on these developments: "Today's projects will build 1,220 homes across Muskegon, Southfield, and Ferndale and make these cities even better places to live, work, invest, or visit. With support from the MSF board, we're turning empty spaces into vibrant places, adding new housing, commercial space, and parks."