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GROW-momentumFunding Sources

Seeking start-up capital or funding for expansion? MCGA has assembled funding resources to meet the needs of businesses of all sizes with a full range of financial needs.

Michigan Angel Investor Program

The Michigan Angel Fund (MAF) is a for-profit pooled professionally managed angel fund. MAF was established by Ann Arbor SPARK and supported by the Michigan Economic Development Corporation to help finance early stage companies in the state of Michigan and to attract additional angel investors to the Michigan entrepreneurial ecosystem.

MAF looks for seed-stage and early-stage companies that have sales revenue or are near revenue. They are looking to invest in entrepreneurial teams with big ideas and a need for capital to turn their ideas into great companies.

Generally they are looking for companies that meet the following the characteristics:

  • Sectors: IT, cleantech, advance manufacturing, life science (not gaming or real estate related ventures)
  • Funding: Seeking seed or early investments from $100,000 to $1,000,000
  • Geography: Michigan
  • Business model: Requiring less than $3,000,000 to reach break-even or sustainability

Skip Simms at skip@annarborusa.org

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Momentum Business Plan Competition

If you have successfully completed your business planning stage and are looking for innovative ways to fund your business idea, Momentum may be exactly what you are looking for. The Momentum Business Plan Competition is a new contest that will award one business entrepreneur a prize of $50,000 to start or move an early stage business to Mason County. It’s an incredible opportunity for a new business.

Administered by the Ludington & Scottville Chamber of Commerce, the Momentum Business Plan Competition is open to any eligible independent for-profit or non-profit venture with a viable business idea, plan or invention; or an existing organization or company with less than $100,000 in sales or revenue annually. In addition to providing financial resources, the program offers the winner access to business mentors from Ludington SCORE and the board of directors to expedite the startup phase and increase the likelihood of success.

Eligible contestants can upload a business plan to momentumstartup.org. The Momentum Business Plan Competition board will evaluate submitted business plans and select five finalists to pitch their ideas in person before a panel of judges and public audience.

Visit momentumstartup.org or facebook.com/momentumstartup for dates and info on the next round of competition.

Ludington & Scottville Chamber of Commerce

5300 W. US 10, Ludington, MI 49431

Telephone: 231.845.0324

Fax: 231.845.6857

E-mail: chamberinfo@ludington.org

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Michigan Business Growth Fund Collateral Support Program

The intent of the Michigan Business Growth Fund— Collateral Support Program (MBGF–CSP) is to supply cash collateral accounts to lending institutions to enhance the collateral coverage of borrowers. These accounts will cover all or a portion of a calculated collateral shortfall as described by the lending institution. Borrowers with a collateral shortfall will apply for coverage through the Michigan Economic Development Corporation (MEDC), which provides the administrative services for the program for the Michigan Strategic Fund (MSF). If approved, the MSF will deposit the cash into an interest bearing account with that lender and this account will then be pledged as collateral on behalf of the borrower. Based on an amortization schedule, the MSF will draw down the account as the loan principal is paid. In the event of full default, the lender will have rights to the account less a liquidation fee.

ELIGIBLE BORROWERS

  • To qualify, a business must be engaged with a private lender for the purpose of acquiring a commercial extension of commercial credit and must exhibit a collateral shortfall according to the lender’s analysis
  • Borrower must have no more than 750 employees, and otherwise comply with all state and federal requirements for the program

Contact MEDC: businessloans@michigan.org

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Michigan State trade Export Program (MI-STEP)

Michigan companies with fewer than 500 employees can now qualify for financial assistance for export-related activities. Launched by the U.S. Small Business Administration, this program is designed to increase the number of Michigan companies that export and introduce current exporters to new foreign markets and buyers.

Direct reimbursements to qualified small and medium-size export (SME) companies may be available to develop or expand export-related activities through cost reimbursement of 50 percent of allowable export-related activities. Eligible companies may qualify for up to $25,000 in assistance to enhance their ability to launch or grow export operations in Michigan.

Approved funds may support (but are not limited to) the following activities:

Overseas trade mission participation
Overseas trade show participation
Foreign market sales trip
Subscription to U.S. Department of Commerce services
Foreign language translation services for export marketing materials and web site assets

Eligibility: Michigan companies with fewer than 500 employees that meet the eligibiity requirements.

Email: export@michigan.org

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Michigan Emerging Technologies Fund (ETF)

The Michigan Emerging Technologies Fund (ETF) expands funding opportunities for Michigan technology companies in federal research and development by providing matching dollars to support commercialization of Small Business Innovation Research/Small Business Technology Transfer (SBIR/STTR) projects.

Four Technology Sectors

• Life Sciences

• Homeland Security and Defense

• Advance Automotive, Manufacturing and Materials

• Alternative Energy

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