There are two microloan available to businesses in Washtenaw County:
Michigan Pre-Seed Capital Fund Micro Loan Program (state) and the Easern Washtenaw County Microloan Program (county).
The Michigan Pre Seed Capital Fund Micro Loan Program range from $10,000 to $50,000. Companies must meet the following criteria before applying for funding:
- Be located in Michigan
- Have the rights (ownership or license) to innovative technology, or be seeking a strong IP position
- Meet the definition of a small business (per the SBA)
- Funding is to be used for the development of a business that is focused on the commercialization of technology of interest to the 21st Century Jobs Fund
- Loans may not be made into a publicly held company, but may be utilized to spin technology out of a public company and establish a new private entity.
- Have potential for rapid growth with majority of future sales revenue outside the state
Full details available here. For more information contact Todd Van Appledorn to be the contact (734) 677-1400, tvanappledorn@miceed.org
Eastern Washtenaw Micro Loan Fund
Washtenaw County and CEED (Center For Empowerment & Economic Development) have agreed to establish the Eastern Washtenaw Micro Loan Fund. The objective of this fund is to assist existing and start up small businesses who cannot obtain conventional financing. The fund will focus on attracting women and minority business owners. Micro loans range from $ 500 - $ 35,000. The loan is initially treated as a line of credit. Payments are made to vendors directly.
Eligibility and Application Requirements
The fund will help a range of clients. It expects to focus its resources and attention on existing businesses that cannot obtain financing.
- Business must be located in eastern Washtenaw County
- Applicant must be turned down by two financing institutions
- A business plan is required for businesses that are less than 3 years old
- A marketing plan is required for businesses that are 3 years or older
- Two years of financial statements and tax returns are required
- Personal Financial Statement
- Legal structure documents
- Resumes or biographies
- Credit Release Form
- Other relevant materials
Full details available here. For more information contact - Skip Simms, Ann Arbor SPARK Managing Director, Business Acceleration at Skip@annarborusa.org.
