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Mackinac Center for Public Policy
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2011 House Bill 5168: Use state trust funds to back certain small businesses loans
  1. Introduced by Rep. Vicki Barnett (D) on November 10, 2011, to allow up to 5 percent of the available money in some state trust funds (including the Michigan Natural Resources Trust Fund) to back loans to small businesses that have been denied loans by commercial lenders and which have been selected to receive certain other government “economic development” benefits. This would be done by the state government investing in banks and other financial institutions willing to make the loans. Under House Bill 5070, any profits the lenders earn on these transactions would be exempt from state business taxes.
    • Referred to the House Banking and Financial Services Committee on November 10, 2011.

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