ANN ARBOR, Mich., Jan. 18 /PRNewswire/ -- Four companies recently received a combined total of $170,000 in funding from the Michigan Microloan Fund Program. CTC Holdings, Energy Management Devices, MemCatch and Motor City Wipers will use the microloan funding to commercialize their products and accelerate business growth.
CTC Holdings is commercializing advanced VOCs-to-Energy Products that convert VOC emissions into concentrated fuel. The fuel created by CTC's VOCs-to-Energy Products can be paired with a Stirling engine, fuel cell, IC engine or micro-turbine to create useful electricity or burned in a boiler to create thermal energy.
Energy Management Devices, a spin-out of Sterling Technologies Inc., is commercializing its g-plug family of products. The g-plug monitors a computer's power consumption, and when the computer powers down, it automatically shuts down computer-related peripherals such as laser printers, monitors, and amplified speakers.
MemCatch is commercializing its social knowledge network that helps users build and share information. Its collect, collaborate and share system enables sharing of information within a private network as well as an open database.
Motor City Wipers LLC is commercializing its advanced windshield wiper system that solves several of the shortcomings of today's windshield wipers, including the build-up of snow, ice and other solid debris from the windshield wiper blade.
The $1.5 million Michigan Microloan Fund Program currently includes three distinct microloan funds. Through the Michigan Microloan Fund Program, $225,000 is available to start-ups via the Eastern Washtenaw Microloan Fund, $1 million is available through the Michigan Pre-Seed Capital Fund and $275,000 is available for companies located in the City of Ann Arbor via funding from the Ann Arbor/Ypsilanti Local Development Financing Authority (LDFA). Microloan funding through the Michigan Pre-Seed Capital Fund is available through the 21st Century Jobs Fund, administered through the Michigan Economic Development Corp.
Funding for CTC Holdings, Energy Management Devices and Motor City Wipers was provided through the Michigan Pre-Seed Capital Fund. Funding for MemCatch was provided through the Ann Arbor/ Ypsilanti Local Development Financing Authority.
Microloans available through the Michigan Microloan Fund Program range from $10,000 to $50,000. To qualify, 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 microloan 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