Collateral Support Program
Michigan Economic Development Corporation
Summary
The Collateral Support Program is funded by federal dollars provided under the State Small Business Credit Initiative (SSBCI) Act of 2010, and seeks to enable suppliers to acquire the necessary financing that might otherwise be unavailable due to a collateral shortfall according to the lender’s analysis.
The program will supply pledged cash collateral accounts to lenders to achieve this goal for approved projects. To qualify, a business must be engaged with a private lender for the purpose of acquiring a commercial extension of commercial credit.
Eligibility
See the official notice for full eligibility requirements.