Three Michigan Companies Receive Combined $121,000 from Michigan Microloan Fund Program

ANN ARBOR, Mich., May 4 /PRNewswire/ -- Three Michigan companies recently received a combined total of $121,000 through the Michigan Microloan Fund Program, bringing the total amount invested through the Fund to over $1.1 million. Inventure Enterprises, LED Optical Solutions, and RiserCam, received the funding to support commercialization of their core products.

Inventure Enterprises, based in East Lansing, is a global provider of management consulting and technology services that help business and government in achieving high- performance and efficiency.  Michigan Microloan Fund Program support for Inventure is aimed at commercializing its idView for government and national homeland security.  The technology streamlines and raises standards of workforce screening and background checks processes for Federal, State, Municipal and private sectors.

"The Michigan Microloan Fund Program support is allowing Inventure to continue commercialization efforts by accelerating marketing campaign and complete design of the idView system," said Robert Fulk, Inventure president.  "The funds have allowed Inventure to hire new college interns to assist with our business development efforts."

RiserCam, LLC, based in Saline, is a designer, manufacturer, sales and marketer of specialized video equipment for the shooting sports and outdoors industry.  Its product, the Roscoby Riser Cam, is a flash memory video recorder specifically designed to mount directly to the riser of a bow.  In 2009, the Roscoby Riser Cam was adapted for use on shotguns and cross bows.

"The services that Ann Arbor SPARK provides, including the Michigan Microloan Fund Program, is very important," said Richard Millunchick, CEO of RiserCam, LLC.   "Ann Arbor SPARK is willing to assist and take risks with young companies like RiserCam, LLC at a time when traditional lending institutions are not."  

LED Optical Solutions is a Washington, Mich.-based design, development and manufacture of solid state lighting devices company.  Its LED Bulb technology allows commercial customers, including municipalities, to easily retrofit current streetlights for a 50-60 percent energy savings.  LED Optical Solutions' technology is also useful in parking structures, wall packs, billboard lighting, highway signs, parking lots, and general street lighting.

"The Michigan Microloan Fund Program support comes at a perfect time," said Ingo Schneider, president and CEO of LED Optical Solutions.  "The funding will be used to produce 10 functional prototypes that will be placed with several cities that have signed up for our pilot partners program. These prototypes will help to gather performance data that will validate our product in preparation for commercial marketing. The funding is key for us to take our development to the next step of commercializing the LED Bulb product."

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, 30 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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