MI HB5477

Establishes a loan guarantee program for financial institutions providing commercial loans to qualified businesses, public authorities, and local units of government, with restrictions on refinancing prior debt and eligibility requirements for businesses with documented growth opportunities.

Reestablishes the small business capital access program operating on a market-driven basis with premium payments into a reserve fund, while prohibiting loans to officers, directors, and principal shareholders of participating financial institutions and their immediate family members.

Creates a Michigan film and digital media investment loan program allowing up to $15,000,000 per production, with requirements including in-state filming, distribution contracts, majority in-state crew, and completion bonds or financial guarantees.

Establishes the choose Michigan film and digital media loan fund providing loans at minimum 1% interest with terms up to 10 years, minimum loan amount of $500,000, and loan values not exceeding the discounted value of available primary tax incentives.

Authorizes a center of innovation program to support competitive edge technology sectors through grants, loans, or economic assistance to for-profit companies, nonprofits, universities, and national laboratories, with restrictions that administrative costs not exceed 25% of awards and all funds must match federal or third-party funding.