GRAND RAPIDS, Mich., May 20 /PRNewswire/ -- The West Michigan Science & Technology Initiative today announced that it has been selected to review and approve applications from life science companies for micro-loans through the Michigan Pre-Seed Capital Fund. The Michigan Pre-Seed Capital Fund Micro Loan program was developed to support high-tech, high-growth start-up companies in four technology sectors (advanced automotive, manufacturing and materials; alternative energy; homeland security and defense; and life sciences) throughout Michigan as they near commercial viability.
The Michigan SmartZones(SM) consortium and the Michigan Economic Development Corporation's Strategic Economic Investment and Commercialization (MEDC/SEIC) board established the fund to accelerate company development by providing access to early-stage capital during the critical stage when entrepreneurs are developing their businesses to the point of readiness for outside investment and sales.
The Initiative will review life science submissions selected by each of Michigan's 15 SmartZones. The organization will then make a recommendation whether or not to award funding. The funding review criteria will assess if the applicant has the potential to become a viable, robust, Michigan-based business, and could ultimately repay the micro loan.
"This is a great opportunity for entrepreneurs and companies across the state, and will help to grow the role life sciences plays in Michigan's overall economic health," said Linda Chamberlain, executive director of the Initiative. "Being selected to review proposals for life sciences companies at such a critical phase in their development is a privilege."
The Michigan Pre-Seed Capital Fund, a collaborative effort of Michigan's 15 SmartZones, is an equity fund that invests in high-tech, high-growth start-up companies throughout Michigan to support business formation and accelerati
|SOURCE West Michigan Science & Technology Initiative|
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