The Michigan Microloan Fund, a program managed by Ann Arbor SPARK, has made another round of microloans to a broad range of start-ups, most of which are based in Ann Arbor.
The Michigan Microloan Fund makes microloans worth between $10,000 and $50,000 to small businesses developing new technology in Michigan. The loans are meant to help augment the shrinkage of traditional financing options since the onset of the recession. One of the recipients, Grand Rapids-based FoodCircles
, is using the seed capital to develop more versions of the 4-month-old's mobile apps.
"The mircoloan has allowed us to try a lot of different experiments," says Jonathan Kumar, managing director of FoodCircles. He oversees a team of four employees and two interns.
The Michigan Microloan Fund
has made $2.8 million in microloans to 62 companies since its launch in July, 2009. This latest round of microloans disbursed $232,000 to seven company, of which five are based in Ann Arbor. Among the Ann Arbor-based start-ups to receive microloans are:
, a software firm developing an advertising platform for games played on mobile devices.
, a bio-tech company developing innovative nano sensors.
- Child Care Daily App
, a mobile app business creating software that simplifies the daily activities of child care providers by doing things like automating handwritten tasks.
, a tech firm commercializing a low-cost electronic fuel injection system for small engines.
- Weinreich Labs
, a tech business developing heirloom quality amplified violins.
Source: Jonathan Kumar, managing director of FoodCircles
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.