Microloan Information

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Loan amount

Up to $50,000, although the actual funding amount is usually less.

Term

Two year loan, repaid at the end of the term, with 12% interest; see the loan document (PDF).

Fund focus

Ann Arbor Fund Microloan: For companies in the city of Ann Arbor with a product near commercialization, or that are ready to ramp up sales

Eastern Washtenaw County Fund Microloan: For companies in Eastern Washtenaw with a product close to commercialization, ready to ramp up sales

Use of funds

Expenses that support commercialization, including:

  • Scaling product manufacturing and testing
  • Marketing and sales
  • Customer attraction
  • Beta product prototyping

Geography

Ann Arbor Fund Microloan:

Companies within Ann Arbor city limits

Eastern Washtenaw County Fund Microloan:

Washtenaw County, east of US Highway 23

Criteria for all start-ups

Industry – Technology-driven company, especially with defensible intellectual property.

Start-Up/Pre-Seed Stage – Pre-revenue and no outside investment received yet.

Presence in Michigan – Company is registered with the State of Michigan, and at least half of employees physically work in the location specified in the funding type.

Follow-up -- Company is required to report quarterly while loan is outstanding, and respond to an annual survey for five years.

 

Click Here to learn how to apply for the Michigan Microloan            Apply now to the Michigan Microloan Program

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