ANN ARBOR ? Three Michigan companies recently received a combined total of $110,000 through the
Michigan Microloan Fund Program, bringing the total amount invested through
the Fund to over $1.69 million. GreenSand Corporation, iQ-Telematics and
MyBandStock Corporation received the funding to support commercialization of
their core products.
GreenSand, located in Lake Linden, Mich., plans to recover a copper-containing
mining waste called stampsand that is located on the Lake Superior shoreline in
Gay, Mich. for use as roofing shingle granules, fillers for building materials, and
underlayment material for construction projects. The end product, branded as
G-Sand?, delivers dimensional characteristics, copper content to prevent algae
growth and availability in sufficient quantity that makes it a valuable substitute for
other mineral products that are used in the roofing industry. Microloan funding
awarded to GreenSand Corporation was via the Michigan Pre-Seed Capital Fund.
In response to the complications that arise from human error in driving, and the
limited abilities of Bluetooth and other hands-free devices, iQ-Telematics, located
in West Bloomfield, has developed iQ-Gateway. It is an intelligent, adaptive,
active safety system that monitors man, machine and environment in real time and
compares current conditions to empirical driving data. When a dangerous pattern
emerges, iQ-Gateway actively prevents accidents by controlling the sources of driver
distraction. Microloan funding awarded to iQ-Telematics was via the Michigan Pre-
Seed Capital Fund.
?The Michigan Microloan Fund Program award enabled us to meet critical
immediate needs, including securing patents in the United States and Europe,
and to roll out marketing activities,? said Mouhamad A. Naboulsi, president, iQ-
Telematics. ?We?ve also leveraged the microloan funding to attract attention from
other investors.?
MyBandStock, located in Ann Arbor, has developed an online points
system that enables a wider spectrum of fan interaction, intended to foster
closer relationships with an artist?s primary source of revenue: their fans.
MyBandStock.com is a web platform that offers music fans digital access to their
favorite artists by either purchasing or earning ?shares? via a reward system on the
site. Microloan funding awarded to MyBandStock was via the Ann Arbor/Ypsilanti
Local Development Financing Authority.
“The microloan has allowed us to get to market more quickly and prove our core
product assumptions,? said Bobby Matson, founder, MyBandStock. ?Without
funding from the Michigan Microloan Fund Program, we would not have been able
to sustain our operations to this point.”
Since the Michigan Microloan Fund Program was established in July 2009, 42
companies have received over $1.6 million in subordinated loans.
Microloans available through the Michigan Microloan Fund Program range from
$10,000 to $50,000. To qualify, companies must be a small business located in
Ann Arbor or eastern Washtenaw County, have ownership or license to innovative
technology, and be privately held.
For more information about the microloan programs managed by Ann Arbor SPARK, click on AnnArborUSA.Org
a>>
