MI HB6052

Establishes a Michigan microenterprise fund to provide loans and grants exclusively to microenterprise development organizations for loan programs, business training, and technical assistance.

Limits state grants to microenterprise organizations to a maximum of 50% of their annual operating costs and requires state loans to have a 5-year term at 0% interest and be renewable.

Caps individual microenterprise business loans at $35,000 per year, with at least 50% of all loans not exceeding $10,000.

Requires microenterprise development organizations receiving funds to meet specific criteria including business development plans, coordination with commercial lenders, financial oversight capacity, and performance reporting to the center.

Mandates annual reporting to the governor and legislature on fund disbursements, individual loan recipients, business training provided, and program effectiveness in creating new and expanding existing microenterprises.