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Chemico Group is Among the Companies Provided Financing from the $100 Million Grow Michigan Fund II Supporting Minority Businesses

Grow Michigan Fund II is joining First Independence Bank and other financial institutions to bridge the economic gap for all with capital and advice for companies in Michigan.

Leon Richardson, founder and president of minority owned Chemico Group in Southfield, is among the companies provided mezzanine financing by the first Grow Michigan fund. “We would never have reached our current level (nearly $200 million in annual sales) without their support,” he said.

“We are looking forward to fostering inclusion and wealth creation and to providing opportunities like never before for a sector that has traditionally and historically been underfunded and underserved. This fund represents one practical manner where we can positively affect change to support our economy and impact lives,” said Kenneth Kelly, Chairman and CEO, First Independence Bank and Chairman of Grow Michigan Fund II.