Establishes the Michigan nonprofit development fund to support nonprofit organizations with grants and micro bridge loans.

This bill creates the Michigan nonprofit development fund in the state treasury, managed by the state treasurer. It allows for the deposit and investment of funds, with interest credited to the fund. The fund supports nonprofit organizations by awarding grants for assistance and providing interest-free micro bridge loans. Administrative costs are capped at 10% of the annual appropriation. The fund's balance not exceeding $5,000,000.00 at fiscal year's end remains in the fund, with excess deposited in the general fund.

Establishes the Michigan nonprofit development fund to support nonprofit organizations with grants and micro bridge loans.

This bill creates the Michigan nonprofit development fund in the state treasury, managed by the state treasurer. It allows for the deposit and investment of funds, with interest credited to the fund. The fund supports nonprofit organizations by awarding grants for assistance and providing interest-free micro bridge loans. Administrative costs are capped at 10% of the annual appropriation. The fund's balance not exceeding $5,000,000.00 at fiscal year's end remains in the fund, with excess deposited in the general fund.