Michigan Microloan Fund receives payback on successful start-up loans

The Michigan Microloan Fund Program got its start two years ago loaning seed capital to start-ups, and the first of those loans are starting to come due. One has even been paid back early. "We have $400,000 in loans that are due between now and the end of the year," says Skip Simms, a senior vice president of Ann Arbor SPARK and manager of the Michigan Microloan Fund Program. The $1.5 million fund got its start in the wake of the financial... [Read More...]

Akervall Technologies Repays $15,000 Michigan Microloan Fund Program Award

Sassa Akervall, COO of Akervall Technologies, and Skip Simms, senior vice president of Ann Arbor SPARK Akervall Technologies recently repaid its Michigan Microloan Fund Program award, making it the first microloan recipient to repay funding.  The company, whose work on the innovative Protech Dent™ mouth guard was also awarded phase I SBIR funding, repaid its $15,000 microloan in just 15 months, nine months before it was due. “Akervall Technologies... [Read More...]

MichAGAIN Boston Attracts VCs

MichAgain's VC luncheon attracted attention to the state's growing companies What do you get then you put 15 high powered VCs in a room?  About $1 billion of capital to spend and a whole lot of interest in our entrepreneurial endeavors. Our first MichAGAIN Boston event was a ravishing success.  Our informal program was packed with dynamic speakers including our very own VC expert Skip Simms, as well as Ken Nisbet, head of U-M Tech... [Read More...]

Lakeside Software to Expand with New Ann Arbor Facility

Lakeside Software will grow its software development operations in Michigan, with a new location in Ann Arbor and an expansion to its existing operations in Bloomfield Hills.  The company recently received a Michigan Economic Growth Authority (MEGA) tax credit totaling $731,244 to help encourage the expansion. Lakeside Software plans to invest $6.1 million to expand existing operations in Bloomfield Hills, as well as locate operations in Ann... [Read More...]

Crain’s identifies SPARK as “scratching the entrepreneurial itch”

From Crain’s cover’s Washtenaw/Livingston …Goldschmidt is one of the nearly 70 new startups that have begun working with Ann Arbor Spark this year, a roughly 25 percent increase from the same period in 2008, according to Skip Simms, director of business acceleration services at Spark. Much of the spike is driven by an increased awareness of the resources available to Ann Arbor’s entrepreneurial community and an increase in... [Read More...]

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...]