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Ypsilanti, Ann Arbor start-ups take big bite of microloans
Concentrate, 3/10/2010
The
Current Motor Co
sees a promising future for its business, especially now that it has received a small-yet-significant chunk of change from the Michigan Microloan Fund Program.
The company and its staff of six makes electric mopeds and motorcycles. It will use the money to develop a new moped scooter, among other things.
"We're using it to help expand our market and protect our intellectual property by writing patents," says John Harding, founder of
Current Motor Co
.
The Ypsilanti-based start-up is one of four companies to split $155,000 in loans from the
Michigan Microloan Fund Program
. The other company's include
Avicenna Medical Systems
,
Shepherd Intelligent Systems
and TRIG Tires and Wheels. These companies will use the loans, which range between $10,000 and $50,000, to help further develop and market their products and build their core business.
Avicenna Medical Systems, a University of Michigan spin-off based in Ann Arbor, develops health-care software applications. Shepherd Intelligent Systems, another U-M spin out based in Ann Arbor, creates software that predicts arrival times for mass transit vehicles, like buses. Southfield-based TRIG Tires and Wheels is developing a anti-roll off and run-flat system for vehicle tires.
The $1.5 million Michigan Microloan Fund Program is made up of three distinct microloan funds, including the Eastern Washtenaw Microloan Fund ($225,000), Michigan Pre-Seed Capital Fund ($1 million) and the Ann Arbor/Ypsilanti Local Development Financing Authority ($275,000). The Michigan Microloan Fund Program, which is administered by
Ann Arbor SPARK
, has distributed $911,500 to 23 companies since last year.
Source: John Harding, president of Current Motor Co.
Writer: Jon Zemke
Entrepreneurship
,
Higher Education
,
Investment
,
Transportation
,
Transportation
,
University Of Michigan
Ypsilanti
,
Ann Arbor
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