Grow Michigan invests an additional $12.9M in 2015 supporting economic growth and job creation in Michigan

Grow Michigan, an investment fund founded through a joint effort of the Michigan Strategic Fund (MSF) and leading Michigan banks, announced three new loans totaling $5.0 million in the last quarter of 2015.

Grow Michigan has now invested in 26 Michigan companies for a total of $44.2 million since May 2013. Combined with partnering loans from Michigan banks, the total invested in Michigan companies is now more than $290 million.

“We continue to utilize our unique and efficient formula of partnering with senior banks and the MSF to provide efficient growth capital to Michigan’s small and growing companies that might otherwise be inaccessible to them,” said Russell C. Youngdahl Jr., CEO of Grow Michigan.

Grow Michigan’s investment activities, focusing primarily in Michigan’s low-and-moderate income areas and addressing a variety of Michigan industries, are also associated with the creation and/or retention of approximately 4,500 Michigan jobs.

“The investment by the MSF is not only unique, but integral to our success,” Youngdahl said. “We have seen financial and operating success for the businesses in which we are invested, the people they employ and the state’s economy in general in 2015. As this success continues, and our investments mature and are repaid, the MSF will continue to receive a return on its investment in Grow Michigan.”

Grow Michigan has made investments in ten different Michigan counties to date, including many low and moderate-income areas.

About Grow Michigan, LLC

Grow Michigan, LLC is capitalized by 19 of Michigan’s leading banks and the Michigan Strategic Fund, which is administered by the Michigan Economic Development Corporation (MEDC), with a total authorized capital of $60 million. Grow Michigan provides attractively priced growth capital in the form of subordinated/mezzanine debt to Michigan’s “small business” community. This unique initiative and product offering, including value-added assistance, extends the capabilities of senior debt providers by offering a highly efficient, cost effective and complimentary capital for growing Michigan small businesses in a broad range of industries. More information about Grow Michigan can be found at http://www.GrowMiCapital.com.

Grow Michigan invests an additional $12.9M in 2015 supporting economic growth and job creation in Michigan