Michigan agency gives out $25 million in loans to small businesses

7/28/2011

In an effort to jump start a sustainable economy in the state, The Michigan Strategic Fund, managed by the Michigan Economic Development Corporation, recently allocated $25 million to several Detroit organizations that encourage entrepreneurial growth in the metro-Detroit area.

The organizations support progressive startup companies in life science, innovation technology, media and venture capital industries, as well as women-owned businesses. These organizations help startups with business loans designed to support a company for an extended period of integration and implementation.

Receiving the highest allocation was Ann Arbor SPARK, an organization whose branches include programs that invest in pre-seed companies and hold business competitions with cash prizes.

As the economy continues to recover, many startups are taking advantage of private lending and grant options designed to stimulate local growth. Pre-seed, start up or early stage businesses that are progressive in their structure, may want to consider applying for private funding.

Venture capital firms and public lending institutions alike see the value in supporting the growth of small businesses which, according to the Small Business Administration, employ over half of all private sector employees nationwide.