|By PR Newswire||
|January 10, 2013 01:36 PM EST||
ANN ARBOR, Mich., Jan. 10, 2013 /PRNewswire/ -- Four Michigan companies have received a combined total of more than $156,000 through the Michigan Microloan Fund Program, bringing the total amount loaned through the Fund to more than $3.2 million. The companies received the funding to support commercialization of their core products.
"Funding through the Michigan Microloan Fund Program provides critical support to companies right when they're making the leap from research and development to commercialization," said Skip Simms, Ann Arbor SPARK senior vice president. "These microloan recipients are committed to growing in Michigan, and that growth will positively impact our state's economy."
- CrowdJuice Corp., based in Ann Arbor, is commercializing web-based and mobile attendee matchmaking software and mobile conference guide for professional events.
- Sentry Medical Technologies, based in Ann Arbor, is developing technology for monitoring, awareness, and data logging of patient behavior.
- Supported Intelligence, based in East Lansing, is commercializing its Rapid Recursive Toolbox™, an advanced analytics tool for business valuation, financial modeling, and decision optimization.
- Zon Labs, based in East Lansing, is commercializing an online platform for learning Chinese that's focused on virtual environments and game play.
The City of Ann Arbor, via funding from the Ann Arbor/Ypsilanti Local LDFA, was the source of funding for the CrowdJuice microloan. The Michigan Pre-Seed Capital Fund was the source of funding for the three other microloans.
Since the Michigan Microloan Fund Program was established in July 2009, 76 companies have received nearly $3.3 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