Four Michigan-based companies received a combined total of $155,000 through the $1.5m Michigan Microloan Fund Program.
Avicenna, Current Motor, Shepherd Intelligent Systems and TRIG Tires and Wheels received the funding to support commercialization of their core products.
Avicenna, an Ann Arbor-based spin-out from the University of Michigan which develops and markets software applications that improve the quality of care, information flow, and financial efficiency of specialty medical clinics, received a microloan from the Ann Arbor/Ypsilanti Local Development Financing Authority.
Current Motor, an Ypsilanti-based manufacturer of electric motorcycles and mopeds, received a microloan from the Eastern Washtenaw Microloan Fund.
Shepherd Intelligent Systems (SIS), an Ann Arbor-based company which provides real-time vehicle location information directly to the passengers and managers of public transit, received financial support from the Michigan Pre-Seed Fund Microloan Fund Program.
TRIG Tires and Wheels, a Southfield-based developer of a proprietary anti-roll off and run-flat system that increases vehicle safety, reduces noise and increases mileage, also received funding.
Since the program was established last year, 23 companies have received $911,500 in subordinated loans.
FinSMEs
04/03/2010