Michigan Pre-Seed Capital Fund Awards Three Micro Loans

Thursday, September 17, 2009 General News
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ANN ARBOR, Mich., Sept. 9 Three companies were recently awarded a combined total of $137,500 in micro loan funding through the Michigan Pre-Seed Capital Fund, a collaborative effort of Michigan's SmartZones to support start-up growth throughout the state. Advanced Battery Concepts, FreeStride and RealBio will use the funding to further the commercialization efforts of their technologies.

"Helping companies reach commercialization of their technologies is a key way Michigan can reignite an innovative culture to the state," said Skip Simms, Michigan Pre-Seed Capital Fund administrator. "The Michigan Pre-Seed Capital Fund is a strong signal of the state's commitment to developing a robust, tech-driven, knowledge based economy. Advanced Battery Concepts, FreeStride and RealBio reflect the culture of innovation taking root across Michigan."

Advanced Battery Concepts, based in Midland, has developed battery electrode technology, GreenSeal(TM), which enables dramatic improvements in lead-acid battery performance while lowering costs.

Free Stride, based in Ann Arbor, is a veterinary pharmaceuticals company. Its lead product, PowerGait(TM), is an oral medication for racehorses that prevents shin pain and shin injury ("bucked shins").

RealBio, a Kalamazoo-based business, has developed Nth Degree Systems, a new tool for growing cells that can be used with numerous cell matrices and permits the study of true tissues.

Michigan Pre-Seed Capital Fund micro loans range from $10,000 to $50,000. To qualify for the micro loan program, companies must be a small business located in Michigan, have the rights (ownership or license) to innovative technology, and be privately held. 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.

The Michigan Pre-Seed Capital Fund, a collaborative effort of Michigan's 15 SmartZones, is an equity fund that invests in technology-based companies to support business formation and acceleration. Each SmartZone is responsible for recommending an investment to the Michigan Pre-Seed Capital Fund review board. Ann Arbor SPARK serves as the Fund's administrator.

For more information about the Michigan Pre-Seed Capital Fund micro loan program, visit http://www.annarborusa.org/funding-incentives/.

ABOUT ANN ARBOR SPARK

Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations. Ann Arbor SPARK represents all communities in the Washtenaw County. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Michigan Works!/ETCS, Washtenaw County, the City of Ann Arbor, the Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.

SOURCE Ann Arbor SPARK


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