Four companies received a combined total of $170,000 in funding from the Michigan Microloan Fund Program.
The small businesses, which will use the funds to commercialize their products and accelerate business growth, iclude:
– CTC Holdings, which is commercializing advanced Volatile organic compounds (VOCs)-to-Energy Products that convert VOC emissions into concentrated fuel. The fuel created by CTC’s VOCs-to-Energy Products can be paired with a Stirling engine, fuel cell, IC engine or micro-turbine to create useful electricity or burned in a boiler to create thermal energy.
– Energy Management Devices, a spin-out of Sterling Technologies Inc. The company is commercializing its g-plug family of products monitoring a computer’s power consumption. When the computer powers down, it automatically shuts down computer-related peripherals such as laser printers, monitors, and amplified speakers.
– MemCatch, which is commercializing a social knowledge network that helps users build and share information.
– Motor City Wipers LLC, which is commercializing an advanced windshield wiper system that solves several of the shortcomings of today’s windshield wipers, including the build-up of snow, ice and other solid debris from the windshield wiper blade.
The $1.5m Michigan Microloan Fund Program provides microloans from $10,000 to $50,000 to privately held small business located in Michigan, which have the rights (ownership or license) to innovative technology.
It currently includes the three following distinct funds:
– $225,000 is available to start-ups via the Eastern Washtenaw Microloan Fund;
– $1m is available through the Michigan Pre-Seed Capital Fund;
– $275,000 is available for companies located in the City of Ann Arbor via funding from the Ann Arbor/Ypsilanti Local Development Financing Authority (LDFA).
In this case, CTC Holdings, Energy Management Devices and Motor City Wipers received funding through the Michigan Pre-Seed Capital Fund; financing for MemCatch was provided through the Ann Arbor/Ypsilanti Local Development Financing Authority.