State to receive small business funds
State and federal officials are expected to announce that Michigan will be the first place eligible for loans to small businesses investing in clean energy or located in economically distressed areas.
U.S. Small Business Administration head Karen Mills, Michigan Gov. Rick Snyder, Dow Chemical Co. chief Andrew Liveris and others are scheduled to announce the impact investment program in a Tuesday afternoon conference call.
The initiative will work with private institutional investors to help identify and provide money to private equity fund managers who invest in targeted companies. Federal funds also will be offered to small businesses that get a share of the private investments.
The program is part of President Barack Obama's Start-Up American initiative aimed at spurring high-growth entrepreneurship and the creation of more jobs.