Nine Companies Receive Michigan Microloan Fund Program Support
Nine Michigan companies have received a combined total of more than $478,000 through the Michigan Microloan Fund Program, bringing the total amount invested through the Fund to more than $2 million. The companies received the funding to support commercialization of their core products.
“Microloan funding, by design, is that bit of extra support that a company needs to bring a product to market,” said Skip Simms, Ann Arbor SPARK senior vice president and administrator of the Michigan Microloan Fund Program. “The Michigan Microloan Fund Program awards recognize that emerging, innovative companies across the state have the potential to drive our economy forward and broaden our economic base. These recent Michigan Microloan Fund Program award recipients represent a range of industries, including software, manufacturing, alternative energy and IT.”
Michigan Microloan Fund Program awardees:
- Ann Arbor-based Buycentives, is commercializing an online management system for automobile incentives.
- CareCheq, an Ann Arbor company, is commercializing an online portal to connect care consumers and care providers.
- Freestride Therapeutics, of Ann Arbor, is commercializing therapeutic products aimed at those with bone-related conditions.
- GeLo, of Holland, is commercializing an electronic beacon that provides precise geo location information to mobile devices.
- Ann Arbor-based Ix Innovations is commercializing a line of picoammeters, electrical test and measurement instrumentation systems.
- My Repair Facts, Inc., an Ann Arbor company, is commercializing an online portal for buyers and sellers of used cars to access a vehicle’s history.
- OpenWorld Energy, an Ann Arbor company, is commercializing solid state lighting systems for commercial and industrial applications.
- Ann Arbor-based Reveal Design Automation, Inc. is commercializing faster and more effective Integrated Circuit (IC) design quality control software.
- Ann Arbor-based Therapy Charts is commercializing its patient information management software as a service (SaaS) platform for therapists who are independent practitioners.
The Ann Arbor/Ypsilanti Local Development Financing Authority (LDFA) provided all of the funding for these microloan awards except GeLo’s. The Michigan Pre-Seed Capital Fund was the source of GeLo’s funding.
Since the Michigan Microloan Fund Program was established in July 2009, 55 companies have received $2.3 million in subordinated loans.
Microloans available through the Michigan Microloan Fund Program range from $10,000 to $50,000. To qualify, companies must be a small business, have ownership or license to innovative technology, and be privately held.
The Michigan Microloan Fund Program is comprised of three distinct microloan funds: The Eastern Washtenaw Microloan Fund, the Michigan Pre-Seed Capital Fund, and the City of Ann Arbor via funding from the Ann Arbor/Ypsilanti Local LDFA.
Funds for this initiative were provided by the 21st Century Jobs Fund, a Michigan Strategic Fund program designed to accelerate the growth and diversification of Michigan’s economy. The MEDC, a public-private partnership between the state and local communities, provides administrative support for the 21st Century Jobs Fund. The MEDC markets Michigan and provides the tools and environment to drive job creation and investment. For more information on the 21st Century Jobs Fund initiative, visit www.MichiganAdvantage.org.
For more information about the microloan programs managed by Ann Arbor SPARK, visit www.annarborusa.org/funding-incentives.