MI SB0556

Creates the Michigan Business Development Program to provide grants, loans, and other economic assistance to qualified businesses making qualified investments or creating new jobs in Michigan.

Establishes a detailed application and compliance process requiring written agreements between the fund and qualified businesses, with repayment provisions if conditions are not met.

Limits individual qualified businesses to a maximum of $10,000,000 per fiscal year and requires municipality commitment, business plan submission, and background checks on applicants.

Requires annual reporting to the legislature beginning November 1, 2012, including data on qualified investments, jobs created, funding amounts, and return on investment analysis.

Restricts fund use of money for acquiring or improving real property but allows security interests in real property; permits up to 4% of annual appropriation for administrative costs and up to 5% for business development and marketing.