Grow Michigan, an investment fund subsidiary of the Michigan Strategic Fund, announced new loans totaling $5 million for the fourth quarter of 2015. The fund provided loans to Instaset Corp., and Rex Performance Products, both from St. Clair County, as well as Macomb-based Utility Resource Group.
The fund’s total Michigan investment now comes to $44.2 million.
Grow Michigan focuses investments in low-and-moderate income areas, says Russell C. Youngdahl Jr., CEO of Grow Michigan.
“We continue to utilize our unique and efficient formula of partnering with senior banks and the MSF to provide efficient growth capital to Michigan’s small and growing companies that might otherwise be inaccessible to them,” Youngdahl says.
He added that Grow Michigan’s investments had led to the retention of around 4,500 Michigan jobs.