Three Michigan companies received a combined total of $121,000 through the $1.5m Michigan Microloan Fund Program to support commercialization of their core products.
The companies include:
– Inventure Enterprises, an East Lansing-based global provider of management consulting and technology services that help business and government in achieving high- performance and efficiency. In this case, the support is aimed at commercializing the company’s idView for government and national homeland security.
– RiserCam, LLC, a Saline-based designer, manufacturer, supplier of specialized video equipment for the shooting sports and outdoors industry.
– LED Optical Solutions, a Washington, Mich.-based designer, developer and manufacturer of solid state lighting devices company. Its LED Bulb technology allows commercial customers, including municipalities, to easily retrofit current streetlights for a 50-60% energy savings.
LED Optical Solutions’ technology is also useful in parking structures, wall packs, billboard lighting, highway signs, parking lots, and general street lighting.
In this case, the funding will be used to produce 10 functional prototypes that will be placed with several cities that have signed up for the company’s pilot partners program. These prototypes will help to gather performance data that will validate the product in preparation for commercial marketing.
Since the Michigan Microloan Fund Program was established in July 2009, 30 companies have received over $1 million in subordinated loans.
Microloans range from $10,000 to $50,000. To qualify, companies must be a small business located in Michigan, have ownership or license to innovative technology, and be privately held.