Michigan could allocate $200 million of COVID-19 relief funding for start-ups
As part of a broader $1.52 billion proposal for using federal “American Rescue Plan Act” funding that Congress approved in March, Michigan Governor Gretchen Whitmer has proposed something titled the “Start-up Resiliency Initiative” that would utilize $200 million.
The plan would put $140 million into direct equity investments in tech start-ups with venture capital and angel investors. Another $50 million would fund grants for business accelerators, emerging technologies and microloans, as well as three new capital funds. The remaining $10 million would go toward supporting technical assistance for angel investing networks, mentor-in-residence programs, SmartZones across the state, and business and financial training for start-ups.
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