Legislation to sell part of the state's tobacco settlement to generate $1 billion to fund grants for up-and-coming industries and provide loans to help existing Michigan businesses won approval from the state House on Wednesday. An 11-member board would make venture capital investments and manage a loan enhancement program. A 19-member board with representatives from Wayne State University , University of Michigan , Michigan State, Western Michigan and Michigan Tech would decide which industries and businesses should get the grants to help them get off the ground.