Economic development: other; Julian-Stille value-added act; amend to reflect elimination of the Michigan strategic fund. Amends sec. 2 of 2000 PA 322 (MCL 285.302). TIE BAR WITH: SB 0631'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill, part of the Julian-Stille value-added act, eliminates the Michigan Strategic Fund and focuses on supporting agricultural value-added processing. It establishes an agricultural value-added grant program and a low-interest loan program to encourage the development and expansion of agricultural businesses in Michigan. The program includes a joint evaluation committee to assess grant applications and specific criteria for awarding funds, such as innovation and leveraging additional investment.
Key provisions
- Establishes an agricultural value-added grant program funded by the agricultural development fund.
- Creates a low-interest loan program and a loan guarantee program for qualified agricultural projects.
- Requires a competitive grant application process with specific criteria, including innovation and financial leverage.
- Establishes a joint evaluation committee to assess grant proposals.
- Imposes restrictions on grant recipients, prohibiting them from developing casinos.
- Includes requirements for financial institutions participating in the loan program, such as collateral requirements and Sarbanes-Oxley compliance.
- Specifies a minimum cash match requirement for grant applicants.
- Sets limits on overhead rates for grant recipients.
Who is affected
- Agricultural producers
- Farmers
- Agricultural businesses
- Financial institutions
Bill text
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- Senate Introduced Bill
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