Seven early-stage tech startups have received loans from the Michigan Microloan Fund Program, the state announced earlier this month. The funding, dispersed quarterly, this time amounted to a total of $232,000. To date, the microloan fund program has lent $2.8 million to Michigan companies that are on the brink of being revenue-ready.
“The criteria is tech-based companies with some kind of associated (intellectual property) that are definitely pre-revenue,” says Skip Simms, senior vice president of Ann Arbor SPARK and manager of the Michigan Microloan Fund Program. “Maybe they’ve gotten money from friends or family, but they need to achieve one or two things, like finishing a beta prototype, to get private investment.”
To read the full, original article click on this link: Seven Tech Startups Snag $232,000 in State Microloans | Xconomy
