Michigan Microloan Fund has 4 more firms

One of Michigan's more innovative forms of supplying seed capital strikes again now that the state's Microloan Fund has made loans to businesses in Ann Arbor and Birmingham.

The four loans total $200,000 and are meant to help the fledgling firms grow their businesses and commercialize new products. The loans, which usually are for about $50,000, are administered by Ann Arbor SPARK and repaid with interest within a couple years. The loans are also normally precursors to investments by angel investors and venture capital.

The recipients include:

Solarflex. The Birmingham-based firm will use the money to commercialize organic solar cells. These cells have the potential to offer greater efficiency and lower cost compared to solar cells currently on the market.

Allinnova. The Ann Arbor-based firm is developing tools for a comprehensive corporate capabilities assessment. Its microloan will be used to commercialize a tool for determining a corporation's capability to be successful in a strategic partnership with another organization.

Procuit. The Ann Arbor-based software-development firm creates educational software engines. Its funding will help support commercialization of HomeschoolAdvantage.com, a product that serves as a dedicated portal for the 2 million home schooled children in North America.

The Whole Brain Group. This Ann Arbor-based firm will use the money to ease the transition from a service-based business model to a product-based business model. Its flagship product is a subscription-based service that provides accreditation services to life science research institutions.

Source: Ann Arbor SPARK
Writer: Jon Zemke

Michigan Microloan Fund has 4 more firms

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