Michigan Collateral Support Program (Michigan)

This is the approved revision of this page, as well as being the most recent.
Jump to: navigation, search


Last modified on February 12, 2015.

EZFeed Policy

Place Michigan


   
Applies to States or Provinces Michigan
Name Michigan Collateral Support Program (Michigan)
Policy Category Financial Incentive
Policy Type Loan Program
Affected Technologies Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wave Energy, Wind energy
Active Policy Yes

Implementing Sector State/Province



























Program Administrator Michigan Economic Development Corporation
Primary Website http://www.michiganbusiness.org/michigan-business-growth-fund/#mbgf



Last Review 2014-09-15



Summary

The Michigan Collateral Support Program, supported by the Michigan Growth Fund, aims to supply cash collateral accounts to lenders in order to assist borrowers collateral coverage needs. To qualify for the program, businesses must be engaged with a private lender for the purpose of acquiring a commercial extension of commercial credit and must exhibit a collateral shortfall. Eligible businesses must have not more than 750 employees. The program will cover up to 49.9 percent of a new extension of commercial credit. Maximum participation is $5 million and may not be used to support extensions of commercial credit of greater than $20 million.



Policy Contact

Department Michigan Economic Development Corporation
Division Michigan Strategic Fund
Address 300 N. Washington Square

Place Lansing, Michigan
Zip/Postal Code 48913
Phone 1.888.522.0103


Email businessloans@ michigan.org
Website http://www.michiganadvantage.org./Contact-the-MEDC/?layout=none&from=%2FMichigan-Business-Incentives%2F
     
     


















References