Local banks and the Michigan Strategic Fund have partnered to launch a new fund designed to support small businesses based in the State.
Grow Michigan aims to provide growth capital in the form of subordinated mezzanine debt to Michigan’s small small businesses in a broad range of industries.
Loans, which will be provided in conjunction with senior loans, will amount to $500k/$3m.
Banks that have supported the vehicle include PNC, Huntington, Fifth Third Bank, Crestmark Bank, The Private Bank, The Bank of Holland, Seaway Community Bank, The Bank of Northern Michigan, and Mercantile Bank.
FinSMEs
12/02/2013