Grow Michigan announced today that Comerica Bank has committed to invest $3 million in Grow Michigan Fund II. With this investment, Grow Michigan has approximately $21 million of committed capital from outside investors representing multiple Michigan financial institutions in addition to the State of Michigan investment.

With the support of Comerica Bank, Grow Michigan Fund II will be able to increase financing available for Michigan business owners. The fund focuses on growing small businesses in Michigan for the purpose of increasing and maintaining jobs in Michigan.

Kenneth Kelly, CEO of First Independence Bank and Chairman of Grow Michigan said, “We appreciate the trust and faith that Comerica, the State of Michigan and our other investor banks have placed in us to grow Michigan businesses.”

Pat O’Keefe, CEO of Grow Michigan, said, “This commitment is extremely important as many companies are trying to restart after the pandemic. With the help of our investors and our strategic partner, First Independence Bank, Grow Michigan hopes to reach underserved markets and underserved borrowers.”

The Fund is administered by local financial consulting firm, O’Keefe, who underwrites opportunities to provide access to capital to qualified businesses aimed at business growth and long-term sustainability.

For more information on Grow Michigan, please visit www.growmichiganfund.com.