State legislators have backed off a plan to end funding for venture capital firms from two state funds created during the Granholm administration to help diversify the economy.
Legislators wanted to halt funding after the House Fiscal Agency said it might cost the state $140 million in the next three years to cover shortfalls in loan and interest payments for one of the funds.
But had the legislation gone through as originally written, it could have cost the state $450 million.
