Innovation & Job News

Ypsilanti, Ann Arbor start-ups take big bite of microloans

Wednesday, March 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

Innovation & Job News

Ypsilanti, Ann Arbor start-ups take big bite of microloans

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