ANN ARBOR, Mich., Nov. 17 /PRNewswire/ -- Four Michigan companies received a combined total of $200,000 from the Michigan Microloan Fund Program, administered by Ann Arbor SPARK. Allinnova, Procuit, Solarflex, and The Whole Brain Group will use the funding to commercialize their products. The Michigan Pre-Seed Capital Fund, the Ann Arbor Local Development Financing Authority and Washtenaw County support the Michigan Microloan Fund Program.
"Attracting the funding required to support a company's growth from research and development into the commercialization of a product or service can be a challenge," said Skip Simms, administrator of the Michigan Microloan Fund Program. "The microloan program is invaluable support that can take a company to its next growth phase in a shorter amount of time than seeking traditional funding sources. As Ann Arbor SPARK and its economic development partners continue to seek ways to support the acceleration and growth of Michigan businesses, the microloan program is an important resource."
The microloan funding recipients:
Allinnova LLC, based in Ann Arbor, developed a comprehensive corporate capabilities assessment. Its microloan funding will support commercialization of a tool for determining a corporation's capability to be successful in a strategic partnership with another organization.
Procuit Inc., based in Ann Arbor, develops educational software engines. The company's microloan funding will support commercialization of HomeschoolAdvantage.com, a dedicated portal for the two million children in the United States and Canada whose primary education is at home.
Solarflex, based in Birmingham, Mich., will use its microloan funds to commercialize organic solar cells. Solarflex's cells offer greater efficiency and lower cost compared to other solar cells currently on the market.
Microloan funding awarded to The Whole Brain Group, LLC, based in Ann Arbor, will support the company's transition from a service-based company to a product-based company. The Whole Brain Group's flagship product is a subscription-based service that provides accreditation services to life science research institutions.
Microloans available through the Michigan Microloan Fund Program range from $10,000 to $50,000. To qualify for the microloan program, companies must be a small business located in Michigan, have the rights (ownership or license) to innovative technology, and be privately held.
For more information about the Ann Arbor SPARK micro loan program, visit http://www.annarborusa.org/funding-incentives/.
ABOUT ANN ARBOR SPARK
Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations. Ann Arbor SPARK represents all communities in the Washtenaw County. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Michigan Works!/ETCS, Washtenaw County, the City of Ann Arbor, the Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.
SOURCE Ann Arbor SPARK