A new $200 million fund to support growing businesses in Michigan intends to direct half of the capital it raises to financing minority-owned companies. A new $200 million fund to support growing businesses in Michigan intends to direct half of the capital it raises to financing minority-owned companies. Grow Michigan Fund II, the successor to a mezzanine fund formed in 2012 with the backing of state funding and investments from several banks, will target small businesses in an array of sectors including manufacturing, distribution, transportation, life sciences and enabling technologies.