Seven Companies Receive Michigan Microloan Fund Program Awards
FOR IMMEDIATE RELEASE – OCTOBER 18, 2012 – ANN ARBOR, MICH. – Seven Michigan companies have received a combined total of more than $232,000 through the Michigan Microloan Fund Program, bringing the total amount loaned through the Fund to more than $2.8 million. The companies received the funding to support commercialization of their core products.
“This latest round of Michigan Microloan Fund Program investments support an impressive range of innovations from around the state,” said Skip Simms, senior vice president of Ann Arbor SPARK and manager of the Michigan Microloan Fund Program. “Entrepreneurs across Michigan are working to address very specific needs in industries that they know well; it’s exciting to support them as they work towards bringing those innovations to market.”
Watch the video below to see who several of these companies are and what they plan to do with their awards:
- AdAdapted, LLC, based in Ann Arbor, is commercializing an advertising platform for games played on mobile devices.
- AMF-Nano Corporation, based in Ann Arbor, is commercializing an innovative nano sensor for the design and manufacture of the next generation of large-scale, heterogeneous, smart-sensor systems.
- Ann Arbor-based Child Care Daily App is commercializing its web-based program that simplifies the daily activities of child care providers by automating handwritten tasks, organizing business operations and allowing for better parent communication by providing parents real-time access to what is happening with their child throughout the day.
- FoodCircles, based in Grand Rapids, is commercializing a free mobile app that tells diners where to eat, gives them a deal, and helps them feed the poor.
- Rochester Hills-based Social Patient (formerly myHygia) is commercializing its cloud-based health technology platform that improves access to care through technology that rewards treatment compliance and social engagement.
- PicoSpray, based in Ann Arbor, is commercializing a low-cost electronic fuel injection system for the small engine market.
- Weinreich Labs, based in Ann Arbor, is commercializing its heirloom quality amplified violins that give musicians the ability, for the first time ever, to amplify a truly acoustic sound without feedback or loss of tonal character.
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, 62 companies have received $2.8 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.