Ann Arbor SPARK-managed microloan program distributes $200,000 in funds
The Michigan Microloan Fund Program draws funding from the Michigan Economic Development Corp.'s Michigan Pre-Seed Capital Fund, which SPARK manages, as well as the Ann Arbor Local Development Financing Authority and Washtenaw County.Â
"There’s very basic business functions they need to complete, and these microloans are really there for that kind of function," said Elizabeth Parkinson, SPARK's director of marketing and public relations.
The Whole Brain Group will use the funds to enhance its transition
from a focus on providing software as a service to providing software
products. The Whole Brain Group recently collaborated with Ann
Arbor-based Arbormoon Software to develop an iPhone application for the Ann Arbor Area Chamber of Commerce.
Procuit, an educational software company, will use the funds to develop HomeSchoolAdvantage.com.
Allinnova will use the funds to accelerate development of a tool that would help companies assess the effectiveness of proposed partnerships with other companies. Solarflex will devote its funds to further development of new solar cell technology.
“Attracting the funding required to support a company’s growth from research and development into the commercialization of a product or service can be a challenge,” said Skip Simms, the microloans administrator and managing director of business acceleration for SPARK, in a statement. "The microloan program is invaluable support that can take a company to its next growth phase in a shorter amount of time than seeking traditional funding sources."