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Up to $50,000, although the actual funding amount is usually less.
Two year loan, repaid at the end of the term, with 12% interest; see the loan document (PDF).
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
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.