From the Automation Alley newsroom:

Michigan Pre-Seed Capital Fund Micro Loan Program
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 proformance 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 delonged@automationalley.com or (248) 457-3229.

–Matt