One million bucks in micro loans is being made available to Michigan entrepreneurs to help stimulate growth and success in startup companies. Micro loans, if you're unaware, are generally modest loans made to very small companies that in most cases wouldn't be able to borrow from a traditional bank. The approach has had great success in developing nations.
Excerpt:
Michigan is making $1 million in micro loans available to entrepreneurs in key industries in an effort to increase the number of successful start-up companies in the state.
The program, which is being overseen by the Ann Arbor SPARK economic development group, was quietly rolled out in May. So far, only two start-up firms have applied for the loans, but the money is expected to help 20 to 30 companies within the next two years, said Skip Simms, manager of the Michigan Pre-Seed Capital Fund and director of SPARK's business acceleration services.
"There's not been a program like this in Michigan," Simms said. "We believe there's a big need."
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