ANN ARBOR ? Three Michigan companies recently received a combined total of $140,000 through the

Michigan Microloan Fund Program, bringing the total amount invested through

the Fund to over $1.4 million. Detroit Electric, Ergun Technologies, and Local Orbit

received the funding to support commercialization of their core products.

Detroit Electric, based in Detroit, is the oldest electric car brand in the United States.

It has been reborn, providing high-quality, practical and affordable electric vehicles to

help meet the demand for realistic alternatives to conventional petrol-based cars. The

company received monies provided to the Michigan Microloan Fund Program from the

Michigan Pre-Seed Capital Fund.

?The Michigan Microloan Fund Program loan will provide some important necessities

during the early stages of our expansion in the United States,? said Albert Lam, Detroit

Electric founder and Chairman. ?We are pleased that SPARK has recognized the positive

impact Detroit Electric will have on the community.?

Ergun Technologies, based in Ypsilanti, developed Own. Own integrates cash registers

and the Web, giving retail operation owners real-time remote access to all their stores.

The Michigan Microloan Fund Program loan received by Ergun Technologies was

funded via the Eastern Washtenaw Microloan Fund.

?The microloan will help us meet anticipated customer demand,? said Verdi Erel Erg�n,

president of Ergun Technologies. ?Funding from the Michigan Microloan Fund Program

supports our approach of new markets and helps us protect our intellectual property.?

Local Orbit is a web platform that adapts innovation from Amazon and eBay to the needs

of local food chains. It simplifies the process of buying food directly from local farmers

for restaurants, institutions and consumers. The Michigan Microloan Fund Program

funding that Local Orbit received was via the Ann Arbor/Ypsilanti Local Development

Financing Authority; this is the second Michigan Microloan Fund Program loan granted

to Local Orbit.

“The initial microloan helped Local Orbit launch its first three pilot sites,? said Erika

Block, founder and CEO. ?This second loan will enable the company to hire a full-time

community manager as well as invest in continued software development to enhance and

scale the Local Orbit platform.”

Since the Michigan Microloan Fund Program was established in July 2009, 39 companies

have received over $1.4 million in subordinated loans

Microloans available through the Michigan Microloan Fund Program range from $10,000

to $50,000. To qualify, companies must be a small business located in Ann Arbor or

eastern Washtenaw County, have ownership or license to innovative technology, and be

privately held.

For more information about the microloan programs managed by Ann Arbor SPARK, AnnArborUSA.Org

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