TROY – Start-up and/or newly established small businesses are now eligible to apply for the Michigan Pre-Seed Capital Fund Micro Loan program. Loans range from $10,000 to $50,000.
Companies must meet the following criteria before applying for funding:
Located in Michigan
Have the rights (ownership or license) to innovative technology, or be seeking a strong IP position
Meet the definition of a small business (per the Small Business Administration)
Funding is to be used for the development of a business that is focused on the commercialization of technology of interest to the 21st Century Jobs Fund
Loans may not be made into a publicly held company, but may be utilized to spin technology out of a public company and establish a new private entity
Have potential for rapid growth with majority of future sales revenue outside the state
Companies can only be brought to the Fund by a sponsoring SmartZone (Automation Alley qualifies as a SmartZone. To view the full list, click here). The submission package must include:
Business plan (maximum 10 pages counting financial pages)
Company overview
Market information
Operations
Product description
Summary of management talent
Financial performance including forecast for next 12 months
A Certificate of Good Standing from the State of Michigan
Use of funds
Recommendation by SmartZone on milestones to be accomplished and role the SmartZone will commit towards facilitating to help achieve such milestones
Strategy for follow-on funding
For additional information, contact Automation Alley?s Business Accelerator Client Champion, Danielle Delonge at (248) 457-3229.
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