Economic development: Michigan strategic fund; grant, loan, award, tax credit, or other economic assistance under the Michigan strategic fund act; implement certain approval process for. Amends sec. 5 of 1984 PA 270 (MCL 125.2005).

HB 5416 amends the Michigan Strategic Fund Act to restructure the fund's governing board. It adds two new private-sector board members appointed by the governor (with input from minority leaders) who must have expertise in venture capital, commercial lending, or technology commercialization. The bill also updates membership requirements to ensure diversity representation (including minority, female, and small business perspectives) and specifies detailed qualifications for private-sector appointees. This change affects how the Michigan Strategic Fund, which administers economic development grants and incentives, is governed and managed.