MI SB0271

Creates the Michigan Business Development Program to provide grants, loans, and economic assistance to qualified businesses making qualified investments or creating new jobs in Michigan, with preference for deal-closing assistance and second-stage company gap financing.

Limits individual qualified businesses to a maximum of $10,000,000 per project in fiscal year funding and requires written agreements with municipalities showing staff, financial, or economic commitment before approval.

Establishes the Michigan Community Revitalization Program to provide community revitalization incentives for eligible investments on eligible property including brownfields, historic resources, blighted property, and functionally obsolete property.

Caps community revitalization incentives at 25% of eligible investment up to $10,000,000 per project, with individual grants limited to $1,500,000 and loans to $10,000,000, and requires board approval of applications within 90 days of administrative completion.

Requires the fund to post approved project recipients on its website quarterly and directs repayment of community revitalization loans back into the investment fund for future revitalization incentives.