Microloans fill small-scale funding gap for Ann Arbor entrepreneurs

Wednesday, September 9, 2009 | Source: AnnArbor.com

A little bit of money at the beginning can go a long way toward creating a successful start-up, or at least that's the idea behind the new micro-loan funds in Washtenaw County.

Excerpt:

Ann Arbor economic development officials are hoping that microloans can be an economic jump starter for entrepreneurs thirsting for cash.

Local officials have pooled $1.5 million in funds for comparably tiny business loans designed to boost startup companies with few traditional financing routes.

Skip Simms, Ann Arbor SPARK’s business acceleration managing director, said microloans fill a financial need during a funding crisis that threatens to stall creativity in an era when Michigan needs it most.

Read the rest of the story here.