Michigan’s loan and grant program for small businesses affected by the coronavirus is now accepting applications, state officials announced today.

The state intends to create two funds totaling $20 million to support grants and low-interest loans to small businesses that had to close or have been disrupted by the coronavirus and COVID-19 pandemic.

An assortment of state-backed capital funds and initiatives to support business startups, innovation and entrepreneurs recently earned renewal in Lansing.

HOLLAND — ITB Packaging LLC plans to expand locally with a $3.5 million capital investment and the expected creation of at least 65 new jobs over the next five years.

GRAND RAPIDS — A new mezzanine fund based in Grand Rapids seeks to raise $100 million to invest in growing companies, MiBiz has learned.

VICKSBURG — An ambitious $80 million project to transform a long-vacant Southwest Michigan paper mill moved a step closer to reality after securing a lucrative state incentive. 

Backed by an infusion of $55 million in federal funds, Lansing-based Michigan Community Capital plans to continue investing in mixed-income housing projects across the state. 

Initially seeded with state money seven years ago to provide financing to growing Michigan-based businesses, Grow Michigan LLC expects to begin seeking investors for a second fund totaling nearly $60 million.

A partnership headed by Portage-based Hollander Development Corp. plans to transform a vacant lot in Kalamazoo into a new mixed-use building under a proposal that secured state backing.

A project to construct townhomes in the city’s Michigan Oaks neighborhood gained financial support from the state on Tuesday.