Grow Michigan fund to provide $100 million in loans to minority-owned businesses
Lenders see opportunities for suppliers to FCA expansion in Detroit
Deals targeted to companies who struggle to get traditional financing
Kenneth Kelly
A $200 million statewide mezzanine capital fund, with half earmarked for minority businesses, aims to help grow Michigan s bread-and-butter industries.
Bloomfield Hills-based Grow Michigan II LLC said Thursday that it will target companies with revenue of around $3 million to $50 million and provide loans of between $500,000 to $5 million.
While geared for a relatively small segment of the marketplace, fund Chairman Kenneth Kelly said Thursday that projects such as the expansion of Fiat Chrysler Automotive s assembly plants on the east side of Detroit present downstream opportunity.