Michigan Laws 125.2065 – Percentage of venture capital investments; encouraging certified MESBIC to meet investment requirements; “investment” defined
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(1) Sixty-five percent of investments of a certified minority venture capital company shall be venture capital investments.
(2) A certified MESBIC shall be encouraged to use its best efforts to meet the investment requirements imposed by subsection (1) on certified minority venture capital companies.
Terms Used In Michigan Laws 125.2065
- MESBIC: means a small business investment company licensed under section 301(d) of the small business investment act of 1958, 15 U. See Michigan Laws 125.2061
- Minority: means a person who is black, hispanic, oriental, eskimo, or an American Indian. See Michigan Laws 125.2061
- Minority venture capital company: means a business which makes investments solely in minority owned businesses. See Michigan Laws 125.2061
(3) For purposes of this section, section 61(d), and section 63(2)(d), (e), and (i), “investment” means financial assistance provided by a MESBIC or minority venture capital company, whether through loans, guarantees, venture capital investments, or commitments.