State officials and stakeholders have decided to give the Grow Michigan Fund a two-year extension through 2019, the Bloomfield Hills-based group announced.
The fund, which is registered with the state as Grow Michigan LLC, was launched in 2013 as a group of Michigan banks collaborating to help small businesses grow. Since then the Michigan Strategic Fund and 19 banks have pooled $51.1 million to support $353.2 million worth of expansion projects that have yielded more than 3,000 jobs in the state, the news release said.
Grow Michigan has helped entrepreneurs in manufacturing, distribution, transportation, life sciences and enabling technologies to date.
“This innovative fund has been a win-win for all involved,” Grow Michigan CEO Patrick O’Keefe said in a statement. He has led the organization since October. “We have been able to help numerous businesses statewide grow and thrive but there is much more work to be done. This extension will allow us to continue our vital work.”
Grow Michigan looks to invest in businesses with the following characteristics:
- Profitable with strong management teams
- Established relationships with senior leaders
- Typical loan size between $500,000 and $3 million
- Revenue between $3 million and $50 million with a positive EBITDA
- Expanding workforce