Economic development: other; center for microenterprise development; create. Amends 1984 PA 270 (MCL 125.2001 - 125.2094) by adding ch. 7A.

This bill creates a new chapter within the Michigan Strategic Fund Act to establish a formal Center for Microenterprise Development. The legislation defines a microenterprise as a small business with 10 or fewer employees and outlines the role of nonprofit organizations that provide training, technical assistance, or loans to these businesses. By adding specific definitions for terms like "economic development project" and "green chemistry," the bill sets the framework for the fund to support small-scale industrial, commercial, and agricultural ventures. The changes amend existing state laws to ensure the fund can officially recognize and assist these smaller enterprises through structured development programs.