HB-6051, As Passed House, May 12, 2010

SUBSTITUTE FOR

HOUSE BILL NO. 6051

     A bill to amend 1984 PA 270, entitled

"Michigan strategic fund act,"

(MCL 125.2001 to 125.2094) by adding chapter 7A.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

CHAPTER 7A

Sec. 79a. (1) The fund shall operate a center for

microenterprise development.

     (2) As used in this chapter:

     (a) "Center" or "center for microenterprise development" means

the center for microenterprise development operated under the fund.

     (b) "Michigan microenterprise fund" is an account within the

fund to be used as provided in this chapter.

     (c) "Microenterprise business" means a new or existing

business with 5 or fewer employees and includes startup, home-

based, and self-employed individuals.

     (d) "Microenterprise development organization" means a

community-based, nonprofit organization that is tax-exempt under

section 501(c)(3) of the internal revenue code, 26 USC 501, that

has a demonstrated capacity or potential capacity and plan for

providing business training, technical assistance, or business

loans to microenterprise businesses.

Sec. 79b. (1) The center for microenterprise development is

created under the fund.

     (2) The center for microenterprise development shall be funded

by the Michigan microenterprise fund.

     (3) The fund shall deposit into the Michigan microenterprise

fund all money appropriated or otherwise provided by this state and

any other money made available to the fund for the center or to the

center from any other source, public or private. The center shall

actively seek new federal sources and private sources of funding to

fund the center for microenterprise development.