Seven Tech Startups Snag $232,000 in State Microloans

10/29/12Follow @XconomyDET

Seven early-stage tech startups have received loans from the Michigan Microloan Fund Program, the state announced earlier this month. The funding, dispersed quarterly, this time amounted to a total of $232,000. To date, the microloan fund program has lent $2.8 million to Michigan companies that are on the brink of being revenue-ready.

“The criteria is tech-based companies with some kind of associated [intellectual property] that are definitely pre-revenue,” says Skip Simms, senior vice president of Ann Arbor SPARK and manager of the Michigan Microloan Fund Program. “Maybe they’ve gotten money from friends or family, but they need to achieve one or two things, like finishing a beta prototype, to get private investment.”

The latest startups to snag microloans are:

AdAdapted: Ann Arbor-based AdAdapted is seeking to disrupt the current models of mobile advertising, envisioning ads that are more like in-app product placements.

AMF-Nano Corporation: AMF-Nano, located in Ann Arbor, seeks to harness the power of nanotechnology “for the good of all mankind” by developing products with medical and industrial applications.

Child Care Daily App: Ann Arbor-based Child Care Daily App automates tasks for caregivers, organizes business operations, and allows parents and teachers to stay connected throughout the school day through real-time communication.

FoodCircles: Located in Grand Rapids, FoodCircles is an app that offers deals on dining and allows users to donate meals to those less fortunate.

Social Patient: Formerly Myhygia, this Rochester Hills company has created cloud-based technology that rewards treatment compliance and social engagement.

PicoSpray: Ann Arbor-based PicoSpray makes a low-cost electronic fuel injection system for the small-engine market.

Weinreich Labs: Ann Arbor’s Weinreich Labs creates heirloom-quality digital instruments that allow musicians to amplify acoustic sounds without feedback or compromising tonal quality.

The Michigan Microloan Fund Program, established in 2009, is funded by the Michigan Pre-Seed Capital Fund. Loans are available to qualifying companies in amounts ranging from $10,000 to $50,000. To learn more about the companies mentioned above, click here.

Sarah Schmid is the editor of Xconomy Detroit. You can reach her at 313-570-9823 or sschmid@xconomy.com. Follow @XconomyDET

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