Micro loans becoming very popular
Six months ago there was no such thing as a loan for a pre-revenue, innovative start-up company. Today, if you are in Washtenaw county there are three sources for loans. There has been a lot of press about these micro loans the past few weeks. Expect a lot more. We have made four loans to companies around the state through the Michigan Pre-Seed Capital Fund program totalling $137,500 in just three months. Applicants for the Ann Arbor and Eastern Washtenaw loan funds are lining up.
The first loan was to RealBio in Kalamazoo. They make a disposable cell bio reactor. Advanced Battery Concepts of Midland, winner of the GLEQ business plan competion, received the second loan. FreeStride Therapeutics in Ann Arbor received the other loan. View the press release.
Here’s yet another tool to help accelerate high growth companies that will be the job creators in a diverse 21st century economy.