ANN ARBOR, Mich., April 10, 2012 /PRNewswire/ -- Twelve Michigan companies have received a combined total of more than $444,000 through the Michigan Microloan Fund Program, bringing the total amount loaned through the Fund to more than $2.4 million. The companies received the funding to support commercialization of their core products.
"The companies that received Michigan Microloan Fund Program awards represent the wide range of innovations taking root across the state," said Skip Simms, Ann Arbor SPARK senior vice president and Fund administrator. "Helping these emerging businesses bring their products to market is a solid step forward in creating a diverse economy in Michigan."
- 2 of 10, LLC, of Chesterfield, is commercializing innovative products for carrying concealed weapons, for Homeland Security and professional law enforcement markets.
- Applied Computer Technologies, Inc., based in West Bloomfield, is commercializing a patented, connected integrated learning driving system that is adaptive to real time conditions. Its technology mitigates accidents due to driver distraction and poor judgment.
- Troy-based AutoBike is commercializing an automatic gear shifter for bicycles.
- BAHRS, based in Grand Rapids, is commercializing a fishing lure ball-joint mechanism that combines a tear drop shaped housing with a modified treble hook for easy release of snagged lures.
- Eco-Fueling, of Saline, is commercializing a retrofit device for diesel engine vehicles that increases fuel economy while reducing emissions.
- Detroit-based ENRG Power Systems, is commercializing a replacement ignition coil system that improves spark-ignition engine fuel economy with an easy-to-retrofit technology.
- Green Flag Credit of Grosse Pointe is commercializing online digital marketing capabilities for retailing motor vehicles.
- I Pillbox, based in Canton, is commercializing its 'smart' pillbox.
- PerkPerk, Inc. of Ann Arbor is commercializing its technology that helps consumers get every discount they deserve, membership organizations increase loyalty, and merchants generate business.
- Sentry Medical Technologies, Inc., based in Ann Arbor, is commercializing its technology for monitoring, awareness and data logging for patient behavior action.
- Sterilogy LLC, based in Bloomfield Hills, is commercializing a personal hand sanitizer delivery device that alerts the users and records the date and time of each time it dispenses.
- truApp, Inc., based in Ann Arbor, is commercializing its online platform that empowers college students to showcase their work and skills to startups.
The Michigan Pre-Seed Capital Fund was the source of all of the funding for these microloans.
Since the Michigan Microloan Fund Program was established in July 2009, 55 companies have received $2.3 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