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New Community Transformation Fund reports $3.3M deployed; Michigan Strategic Fund conditionally commits $9.8M to Fund 2
Summary
NCTF told the commission it has deployed $3.3 million across 12 portfolio companies and that the Michigan Strategic Fund has committed $9.8 million toward a second fund, contingent on matching capital; presenters said the fund complements existing local CDFIs and connects portfolio firms to Grand Rapids activity.
Scott Welch and Abid Ali presented an update from the New Community Transformation Fund (NCTF), saying the city’s $100,000 investment in 2023 helped seed activity and that, to date, NCTF has deployed $3.3 million across 12 portfolio companies.
Abid Ali, managing director, said NCTF screened roughly 1,200 opportunities and invested in 12 companies with an average check of about $421,000. He highlighted several portfolio companies that have local ties or created local activity:…
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