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HB 6015

Economic development: Michigan strategic fund; allowable use of funds; include small businesses. Amends sec. 9 of 1984 PA 270 (MCL 125.2009) & adds ch. 8F.

2025-2026 Regular Session Introduced by Timmy Beson and 5 co-sponsors

Creates a formal Small Business Program under the Michigan Strategic Fund to grant funds and technical help to small businesses, with enhanced reporting and oversight.

bill electronically reproduced 05/21/2026
#businesses:small #economicdevelopment:michiganstrategicfund
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Bill Summary · HB 6015

Overview

House Bill 6015 (2025-2026, Michigan) amends the Michigan Strategic Fund Act to broaden and formalize the use of funds to include small businesses. It adds a new Chapter 8F establishing a dedicated Small Business Program and Small Business Fund, and it updates annual reporting and oversight provisions for all programs under the fund.

Primary purpose and intent

  • Expand the scope of the Michigan Strategic Fund to explicitly include support for small businesses.
  • Create a structured framework (Chapter 8F) for grants, loans, investments, and technical assistance to small businesses.
  • Ensure ongoing accountability, transparency, and oversight through enhanced reporting, auditing, and public posting requirements.

Key provisions and changes

  • Sec. 9 reporting enhancements (general fund activities)

    • Requires annual reports (due by April 10) detailing program-by-program activities, including:
    • Recipients, project type, amounts, and forms of financial assistance.
    • Job creation/retention outcomes, salaries, durations of assistance, and revenues or repayments (clawbacks).
    • Status of loans, bankruptcies, administrative costs, and any other required information.
    • Adds detailed reporting related to 21st-century investment activities (venture capital, mezzanine, private equity, loan reserves) and 88r/88d/90b actions (private investment, community revitalization, site readiness, etc.).
    • Requires monthly posting of certain 8C program information to the website and to designated legislative leaders and subcommittees beginning Jan 1, 2012 (historical reference retained for transparency).
    • Includes site-visit guidelines, compliance reviews, and reporting related to programs requiring site visits.

  • Chapter 8F: Small Business Program

    • Sec. 90t–90w define terms (eligible applicants, small business, program, fund, technical assistance).
    • Sec. 90u: Establishes the Small Business Program to award grants to eligible applicants using money from the Small Business Fund; program administered by the Michigan Economic Development Corporation (MEDC) and the fund.
    • Application and compliance process: Detailed process published on the fund/MEDC website; eligible applicants may use grants for loans, grants, investments, or technical assistance to small businesses.
    • Selection criteria: Documents qualifications, financial soundness, demonstrated impact on small businesses, regional need, potential for entrepreneurship growth, and delivery across business stages.
    • Grant agreements: Written agreements outlining grant amount, allowed uses, repayment requirements for noncompliance, audit provisions, and reporting obligations to meet section 9(19).
    • Sec. 90v: Small Business Fund created in the state treasury; funds deposited, invested, and earnings credited to the fund; excess funds retained for the fund and used for administering the program or providing grants.
    • Fund administration: The Small Business Fund is administered by the fund for audits; expenditures restricted to program administration and grants to eligible applicants.

  • Policy emphasis

    • The bill emphasizes prioritizing small business development in Michigan and coordinating with MEDC to deliver targeted assistance.

Who would be affected

  • Small businesses in Michigan (and their borrowers/investees) could access grants, loans, investments, and technical assistance through the new Small Business Program.
  • Eligible applicants (as defined in the bill) including community development financial institutions, nonprofits focusing on small-business support, local economic development organizations, regional planning commissions, and institutions of higher education.
  • The Michigan Economic Development Corporation (MEDC) would share administration and oversight responsibilities for the new program.
  • Legislators and appropriators would receive expanded reporting and transparency materials about fund activities and outcomes.

Procedural and timeline notes

  • Effective reporting obligations begin with annual reports due each April 10 for the preceding fiscal year.
  • The bill introduces ongoing monthly public posting of certain 8C- and 8D-related information and requires quarterly/biennial disclosures as part of ongoing oversight.
  • The Small Business Program would be implemented through a published application and compliance process; program details, including eligibility and grant terms, would be accessible on the fund/MIDC websites.

Overall, HB 6015 creates a formal pathway to support Michigan small businesses within the Michigan Strategic Fund framework, paired with strengthened reporting and governance mechanisms.

Compiled from official sources — confirm details with the bill’s official record.

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