Michigan Microloan Fund makes $170K in new loans

Small businesses are gathering at the trough of the Michigan Microloan Fund to feed, feed, feed on the available capital.Excerpt:The Michigan Microloan Fund Program has struck again, continuing what promises to be a common occurrence in 2010.The program made $170,000 in loans to CTC Holdings, Energy Management Devices, MemCatch, and Motor City Wipers. All of the companies are from southeast Michigan and half of them are from the Ypsilanti-Ann Arbor area.The micro loans provide funding for start-ups so they can either commercialize their product or accelerate their business growth. The $1.5 million program will make anywhere from 2-4 loans of a few thousand dollars each per month for 2010. That’s another 24-48 fledgling local businesses receiving financing during a time when loans for small businesses are almost non-existent.”I don’t think the demand is going to decrease,” says Skip Simms, fund manager for the Michigan Microloan Fund Program. “It has become a very popular way for start-ups to get a small amount of capital to get them to a significant milestone.”Read the rest of the story here.