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MI
Michigan Business Growth Fund Collateral Support Program
Provides pledged cash collateral to help Michigan small businesses address lender-identified collateral shortfalls.
About this program
The Michigan Business Growth Fund Collateral Support Program is an SSBCI-supported loan enhancement tool that helps lenders finance Michigan small businesses when a collateral shortfall would otherwise prevent new credit. For approved projects, Michigan Strategic Fund may provide pledged cash collateral to cover all or part of the lender-identified shortfall, subject to program limits.
Eligibility
Eligible borrowers are Michigan businesses with 750 employees or fewer that are seeking a new commercial loan from a private lender and have a documented collateral shortfall.
Requirements
- Borrower must be engaged with a private lender for a new commercial extension of credit.
- Lender must identify and document a collateral shortfall.
- Borrower must have no more than 750 employees.