MI SB0771

Creates the critical industry program within the Michigan Strategic Fund to provide qualified investments (grants, loans, or other economic assistance) to qualified businesses for deal-closing, gap financing, or capital investments that create or retain jobs due to technological shifts in product or production.

Fund board must consider minimum criteria including project importance to community, local financial support, applicant's financial need, job creation/retention, environmental factors, supply chain impact, and overall return on investment to the state before approving qualified investments.

Requires written agreements with qualified businesses that include specific time frames, benchmarks, job creation/retention terms with measurable outcomes, clawback and repayment provisions for non-compliance, and state security interests in the investment.

Mandates fund report to legislature by March 15 annually detailing qualified businesses receiving investments, project types, investment amounts, committed versus actual jobs created/retained, salaries, investment duration, and repayments received through clawbacks.

Money from clawbacks and repayments must be returned to the strategic outreach and attraction reserve fund; fund cannot disburse new qualified investments if annual report is not submitted by March 15 deadline.