Michigan Programs for Startup Capital
July 14, 2009
Michigan has a lot of interesting capital programs for local startup and early-stage growth companies. Many are tied to regional Smart Zones, organizational affiliations, and sometimes with a process that looks more like traditional banking than private investment (”send in your application”) with attendant delays - but often non-dilutive or otherwise entrepreneur-friendly.
Most folks know of the SPARK pre-seed fund which has funded 31 companies in the last 2 years as a match program (2x against any equity investment - or even a grant or friends & family convertible note!) but there are several others available, including the curious new micro-loan program - 2-year term with no personal guarantee/collateral on a 12% subordinated note.
If you’re starting a company as a Michigan alum, or in the Ann Arbor area, or in a Michigan Smart Zone, be sure to check out what support the state and local economic development agencies or University groups have to offer!
