The business part of the July Strategic Economic Investment and Commercialization (SEIC) Board meeting was again quite short.
The Board approved final payments for two awards and an investment by the MSU Push-Pull program. Approvals on payments to Ann Arbor Spark and NextEnergy were delayed because the Board did not have a quorum.
The Board indicated that there were some issues about the program that needed discussion, but that the Board meeting was not the forum to have that discussion.
I still have not yet tracked down the reforms to the 21st Century Jobs Fund program that the MEDC has proposed to the legislature. MEDC staff said that the reforms include making the program more amenable to an entrepreneur’s funding cycle needs, reducing administrative burdens of the program, and giving the Board more flexibility to meet the needs of entrepreneurs. Rather than trying to read between the lines on what that means, I’ll post more when I track down the actual proposal.
The MEDC has created two new loan programs focused on companies who are trying to diversify into new markets, with approximately the amount that would have gone into the 21CJF program this year. So, MEDC seems to be focusing its resources on diversification and more mature businesses.
Past 21CJF news is available at www.21cjf.com.