ANN ARBOR, Mich., Aug. 19, 2013 /PRNewswire/ -- Five Michigan companies have received a combined total of $250,000 through the Michigan Microloan Fund Program, bringing the total amount loaned through the Fund to more than $3.8 million. The companies received the funding to support commercialization of their core products.
More information on the companies that received Michigan Microloan Fund Program support is available via video: https://www.youtube.com/watch?v=EWlHMXdJ6FI
"The Michigan Microloan Fund Program is an exceptional tool for helping businesses bridge the gap between start-up and commercialization," said Joe Licavoli, Ann Arbor SPARK's manager, capital programs. "We are seeing an increasing number of companies that have been incubated in Michigan and have been steadily growing here ready to tackle the challenge of bringing a product to market. It's a huge asset to our economy to have the Michigan Microloan Fund Program support available to these emerging businesses."
The Michigan Microloan Fund Program recipients are:
- Exo Dynamics of Ann Arbor is commercializing a mechatronic back brace.
- Interleaved Magnetic Products of Ann Arbor is commercializing an energy-efficient magnetic-driven motor. Its first product will be a personal audio loud speaker.
- Protean Payment of Ann Arbor is commercializing its reprogrammable smart card that replaces all of the cards in a consumer's wallet.
- Reconsider of Ypsilanti is commercializing its services as a center for thought leadership, serving as an information and connectivity hub focused on operationalizing emerging trends in community capital for the new impact economy.
- solartonic of Ann Arbor is commercializing its line of fully integrated solar products that extend beyond simple "panel on a frame" installations, including its innovative solarap™ systems for outdoor energy efficient lighting applications.
The Eastern Washtenaw Microloan Fund Program was the source of Reconsider's award. The Michigan Pre-Seed Capital Fund was the source of funding for the remaining microloans.
Since the Michigan Microloan Fund Program was established in July 2009, 89 companies have received more than $3.8 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.
SOURCE Ann Arbor SPARK