Michigan Collateral Support Program (Michigan)
Last modified on February 12, 2015.
|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|
|Program Administrator||Michigan Economic Development Corporation|
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.
|Department||Michigan Economic Development Corporation|
|Division||Michigan Strategic Fund|
|Address||300 N. Washington Square|