MI Pre-seed Capital Fund changes announced
The state of Michigan, through the 21st Century Jobs Fund, has re-capitalized the Michigan Pre-seed Capital Fund. The award of $6.8 million was approved by the SEIC board in March. There are two significant changes affecting distribution of this new money. One is the match for an investment is lowered to one-half to one. In other words to ask for a $200,000 investment from the fund a company only needs $100,000 of matching investment from... [Read More...]
No Word on 2009 21CJF Competition
SEIC Board did not mention next round of competition at meeting The SEIC Board at their meeting last Friday never mentioned the next round of the 21st Century Jobs Fund competition. What they did discuss was how to handle the available $6.7 million that isn’t getting claimed from the most recent round of competition. Two more companies, Avidimer Therapeutics and Accuri Cytometers joined Cielo Med Solutions in not agreeing or unable to take the... [Read More...]
Company Formation Loans Delayed
No loans in December, Wait to January The MEDC isn’t prepared to present the applicants for Company Formation Fund loans this month. They are still trying to catch up processing the loans approved last month. You will recall the program was opened the first of November. A rush of about 30 companies was processed and about 25 were approved for loans totalling more than $4 million by the MSF Board on Nov. 28. Now all the paperwork needs... [Read More...]
MSF Board Approves Loans for 5 Ann Arbor SPARK Sponsored Companies
$1.5 million in low interest loans will be provided these Ann Arbor area companies. The Michigan Strategic Fund Board approved loans totaling $1.5 million to five Ann Arbor SPARK sponsored companies through the Company Formation and Growth Fund. This is the fund created recently to provide low interest loans to life science companies hiring Pfizer employees losing their jobs in ’07 and ’08. This is a significant effort to keep highly educated... [Read More...]
