Ann Arbor startups receive more than $400,000 in microloans
Eight Ann Arbor startup companies received more than $400,000 in microloans from a Michigan business fund managed by economic development group Ann Arbor SPARK, officials announced today.
The loans, which range up to $50,000, are part of the Michigan Microloan Fund Program.
The program, which has several sources of funding, was created in 2009 to provide small amounts of capital to startup companies that don't have easy access to traditional financing sources.
The money loaned to Ann Arbor startups came from the Ann Arbor/Ypsilanti Local Development Financing Authority (LDFA), which captures tax dollars for economic development purposes.
SPARK said it authorized loans totaling $478,000 to nine companies, including the eight Ann Arbor startups.
The Ann Arbor funding recipients were: auto incentives software firm Buycentives, health care software firm CareCheq, equine drug startup Freestride Therapeutics, testing and measurement systems maker Ix Innovations; used car history software firm My Repair Facts Inc.; solid-state lighting startup OpenWorld Energy; integrated-circuit design software firm Reveal Design Automation; and electronic medical records startup Therapy Charts.
The Michigan Microloan Fund Program has distributed $2.3 million to 55 companies since its formation in 2009.