Sparked by an idea and a $15-million check from Dow Chemical, the U.S. Small Business Administration will announce today that Michigan is the first test bed for a new $1-billion national Impact Investment Fund to help finance growing companies in high-unemployment areas.
In Michigan, $130 million will be made available to second-stage growth companies through a partnership of Midland-based Dow, the SBA and state investment funds. The new InvestMichigan! Mezzanine Fund will be co-managed by Credit Suisse and Beringea, a Farmington Hills investment firm.
Dow CEO Andrew Liveris, Gov. Rick Snyder and state Treasurer Andy Dillon, along with SBA Administrator Karen Mills, will discuss the program in a telephone news conference today.
To read the full, original article click on this link: Tom Walsh: Michigan to be test site for growth fund | Detroit Free Press | freep.com
Author:This email address is being protected from spambots. You need JavaScript enabled to view it.
