Economic development: Michigan strategic fund; allowable use of funds; include small businesses. Amends sec. 9 of 1984 PA 270 (MCL 125.2009) & adds ch. 8F.

SB 1009 amends the Michigan Strategic Fund Act to require more detailed annual reporting on how the fund uses its money. The bill mandates that the fund submit comprehensive reports detailing every entity receiving financial assistance, the specific projects funded, and the actual number of jobs created or retained. These reports must also include data on salaries, loan statuses, bankruptcy notices from recipients, and administrative costs. Additionally, the legislation requires an annual independent audit of the fund to assess its financial stability and ensure it can meet its obligations. This increased transparency applies to all programs under the act, including those focused on small businesses, tourism, and community revitalization.