Economic development: Michigan strategic fund; Michigan innovation fund program; create. Amends secs. 88b, 88f & 88h of 1984 PA 270 (MCL 125.2088b et seq.) & adds sec. 88u.

This bill creates the Michigan Innovation Fund Program to support economic development by allowing the Michigan Economic Development Corporation to issue grants and loans to businesses. A key provision requires that these financial awards include repayment terms if the recipient breaches their agreement or fails to meet specific measurable outcomes. The legislation also establishes new rules for vendor selection, mandating that applicants disclose conflicts of interest, criminal convictions, and any federal or state tax investigations. Additionally, it sets limits on how much money can be used for administrative costs and restricts the use of funds to acquire real property.