Grow Michigan II, LLC (“GMI II” or “Fund”), a privately managed mezzanine lending fund designed to provide capital to Michigan based commercial and industrial companies, today announced that the Michigan Strategic Fund (“MSF”) as part of the Michigan Economic Development Corporation (“MEDC”) has appointed Leon Richardson to the Investment Committee for GMI II. Investors in the fund include the MSF and lending institutions operating in Michigan.

Mr. Richardson is the Founder, President, and CEO of The Chemico Group. For over 30 years, he has led one of the largest minority-owned chemical management and distribution companies in the United States. Mr. Richardson has been a member of the MSF Board since April 27, 2023. He participated in Grow Michigan, LLC as a borrower and utilized the capital to grow his business into its success today. His experience and insight will be an exemplary skill for investors and Michigan businesses pursuing expansion and growth opportunities.

“GMI II’s Investment Committee is vital to our process and success. We have an exceptional underwriting team with strong backgrounds. Mr. Richardson will be a valuable addition to the investment committee since he has used the fund and knows how it operates for borrowers,” said Pat O’Keefe, CEO. “Leon Richardson has demonstrated what it means to be successful in Michigan leading a business. I am grateful that he has decided to give back in a meaningful way. It is great to see him be an example and lead by example to help other entrepreneurs via Grow Michigan to be successful,” said Kenneth Kelly, Executive Chairman.

Grow Michigan was organized with the mission to grow Michigan businesses and jobs by providing growth capital to Michigan business owners who do not have the required capital to grow their business. Grow Michigan supplies capital to small to lower middle-market businesses that have outstripped their ability to borrow from traditional senior lenders. Grow Michigan Fund I was launched in 2012 and created over 3,200 Michigan jobs. Since inception its capital has leveraged senior debt at 5.5:1 and served as a means to obtain CRA credits while providing a mezzanine solution to lower middle-market companies that is virtually unavailable elsewhere.

Grow Michigan II is the successor to Grow Michigan Fund I. Grow Michigan II seeks to continue the Grow Michigan mission with an increased emphasis on support for minority-owned businesses. Grow Michigan II provides the engine to achieve meaningful action in inclusive wealth building through business ownership and formation.