Three companies located in Michigan, Buycentives, CIMple Integrations, and Local Orbit, recently received a combined total of $95,000 to support commercialization of their core products.
The loans were provided by the Michigan Microloan Fund Program, which since last year has awarded $706,500 in subordinated loans to 18 companies.
Buycentives, that supports manufacturers in delivering customized sales incentives to online car shoppers during the shopping process, and Local Orbit, that connects restaurants, institutions and individuals with local farmers and food producers in one convenient online location, are headquartered in Ann Arbor.
CIMple Integrations, which is focused on providing system integration software products in support of Advanced Metering Infrastructure and smart grid initiatives, is located in the Lansing area.
The $1.5m Michigan Microloan Fund Program currently includes three distinct microloan funds:
– a $225,000 fund is available to start-ups via the Eastern Washtenaw Microloan Fund,
– a $1m fund is available through the Michigan Pre-Seed Capital Fund from the 21st Century Jobs Fund administered through the Michigan Economic Development Corp,
– a $275,000 fund is available for companies located in the City of Ann Arbor via funding from the Ann Arbor/Ypsilanti Local Development Financing Authority (LDFA).