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The West Michigan Science & Technology Initiative is Named Statewide Reviewer for Life Science Funding Requests Through New Program
Date:5/20/2009

on. Nearly $1 million is available through the new Micro Loan program with loans available from $10,000 to $50,000.

To qualify for the Michigan Pre-Seed Capital Fund Micro Loan program the company must be in one of four identified technology sectors, have sponsorship from its local SmartZone and meet the definition of a small business according to the Small Business Association. The loan can be used to further flesh out a competitive analysis, prepare financial pro formas, develop plans to cross regulatory hurdles, finish a prototype, complete a market study, travel to customers or partners, or other issues that are typically required by investors before they will invest.

"Emerging businesses still in the 'investigation stage' often require small infusions of capital. A small amount of funding can provide a company with the resources needed to complete the critical milestones required to make it more attractive to equity investors or achieve first sales," said Chamberlain. "With the addition of the Micro Loan program, the Pre-Seed Capital Fund is now able to extend its reach to those companies that are past the personal and 'friends & family' funding, but not quite ready for true pre-seed or venture capital funding."

To date, the Michigan Pre-Seed Capital Fund has invested in 34 companies expected to create at least 600 new jobs over the next three years.

About the Michigan Pre-Seed Capital Fund

The Michigan Pre-seed Capital Fund was established by a consortium of Michigan SmartZones and the 21st Century Job Fund to accelerate company development by providing access to early-stage capital. These funds are designed to extend the personal investment of entrepreneurs during the critical stage when they are developing their businesses to the point of readiness for outside investment. The focus is on companies that are creating the newest technologies in the f
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SOURCE West Michigan Science & Technology Initiative
Copyright©2009 PR Newswire.
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