Three Companies Receive Combined $115,000 From Michigan Microloan Fund Program

ANN ARBOR, Mich., April 19 /PRNewswire/ -- Three Michigan companies recently received a combined total of $115,000 through the Michigan Microloan Fund Program, bringing the total amount invested through the Fund to over $1 million.  CYJ Enterprises, Ix Innovations and NextCAT, received the funding to support commercialization of their core products. 

CYJ Enterprises, based in Detroit, received microloan funding for the commercialization of its first product, e-CYREN.  e-CYREN, is an emergency management system designed to help child and adult care providers quickly and effectively communicate with the families, before, during and after emergencies.

"The Michigan Microloan Fund Program support will be used to complete a marketing strategy for our emergency management product, e-CYREN, which has attracted interest of professional venture capital," said CYJ Enterprises founder Carole Y. Johnson.  "The funding will help us define a go-to market strategy, validate our business model and enhance our opportunity for capital investments positioning the company for accelerated growth."

Based in Ann Arbor, Ix Innovations is commercializing its PocketPico product. PocketPico is a portable, USB-powered picoammeter that can be used as a stand-alone instrument or connected to a PC.

NextCAT, based in Detroit, is commercializing a series of heterogenous catalysts developed by the National Biofuels Energy Lab at Wayne State University for use in biodiesel production.  These new catalysts allow producers to use less expensive raw materials in the production of biodiesel, and simplify the production process. 

The funding we received from the Michigan Microloan Fund Program was exactly what we needed at a critical stage of our development," said Chuck Salley, CEO of NextCAT, Inc.  "With it, we secured the license to the technology and commenced a joint development agreement with a major industry partner to scale-up for a pilot scale demonstration mid year."

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 in July 2009, 26 companies have received over $1 million 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

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