Four Companies Receive Combined $155,000 From Michigan Microloan Fund Program

ANN ARBOR, Mich., March 4 /PRNewswire/ -- Four Michigan companies recently received a combined total of $155,000 through the 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, based in Ann Arbor, received microloan funding supported by the Ann Arbor/Ypsilanti Local Development Financing Authority.  The company, a spin-out from the University of Michigan, develops and markets software applications that improve the quality of care, information flow, and financial efficiency of specialty medical clinics.

"When it comes to chronic medical conditions, nearly 50 percent of a care unit's activity is spent on follow-up care and documentation, including ensuring appointments are kept, tests are reviewed, treatments are adjusted and treatment changes are relayed to patients and other care givers," said Erdwing Coronado, Avicenna's co-founder and CEO. "Funding through the Michigan Microloan Fund Program is critical to the successful marketing of Avicenna products that directly address these important healthcare needs."

Ypsilanti-based Current Motor received microloan funding supported by the Eastern Washtenaw Microloan Fund. The company's electric motorcycles and mopeds are designed to provide urban and suburban commuters with practical, affordable, zero-emissions electric vehicles (EVs) that do not use oil.  Current Motor's scooters have a range of up to 80 miles and a top speed of 70 mph. 

"As an early stage company, securing credit is always tough and in this economy it's practically impossible, making the Michigan Microloan Fund Program especially important," said Current Motors' founder John Harding.   "The loan itself is an important building block on our way to success that will allow us to continue to fund key initiatives that enhance our attractiveness to potential investors."

Shepherd Intelligent Systems (SIS), a University of Michigan spin out based in Ann Arbor, provides easily accessible, reliable, real-time vehicle location information directly to the passengers and managers of public transit. SIS's proprietary predictive algorithms incorporate parameters such as day, date, time, temperature and historical travel time to accurately forecast arrival times of fixed route and non-route-based vehicles.

"The financial support from the Michigan Pre-Seed Fund Microloan Fund Program has been critical to our growth at this early stage of our business," said Adrian Fortino, founder of SIS.  "The loan has allowed us to add three new employees in engineering, sales and business development.  In addition to personnel, the funding will provide us the opportunity to attend and participate in several key association events over the next four months."

TRIG Tires and Wheels, based in Southfield, developed a proprietary anti-roll off and run-flat system that increases vehicle safety, reduces noise and increases mileage.  Its products significantly reduce rolling resistance and tire stresses.

The $1.5 million Michigan Microloan Fund Program currently includes three distinct microloan funds.  Through the Michigan Microloan Fund Program, $225,000 is available to start-ups via the Eastern Washtenaw Microloan Fund, $1 million is available through the Michigan Pre-Seed Capital Fund from the 21st Century Jobs Fund administered through the Michigan Economic Development Corp, and $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).  

Since the Michigan Microloan Fund Program was established last year, 23 companies have received $911,500 in subordinated loans.

Microloans available through the Michigan Microloan Fund Program 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.

For more information about the microloan programs managed by Ann Arbor SPARK, visit http://www.annarborusa.org/funding-incentives/.

ABOUT ANN ARBOR SPARK

Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations.  Ann Arbor SPARK represents all communities in the Washtenaw County. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Michigan Works!/ETCS, Washtenaw County, the City of Ann Arbor, the Bank of Ann Arbor and the Michigan Economic Development Corporation.  For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.

SOURCE Ann Arbor SPARK

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED