KALAMAZOO Advanced manufacturing and engineering start ups will have more access to investors in a new Bank Consortium pulled together by Southwest Michigan First.

Eleven bank presidents from Kalamazoo County will work closely with Southwest Michigans Firsts Investing in Innovation forum series, which has focused primarily on providing a platform for Life Sciences companies to connect with potential investors.

John Paul Jr., Kalamazoo community president of Fifth Third Bank, said part of the consortiums mission is to define goals and objectives of the forums and to provide a blue print for continued success.

Last year, Kalamazoo aunched 23 companies, primarily in the life-sciences arena. Pfizer formerly employed the majority of the scientific talent engaged in these new ventures. Gail Lindsey, Southwest Michigan First equity investment relations director, said that about 90 percent of the life-sciences companies based at the Southwest Michigan Innovation Center in the Kalamazoo Smart Zone pitched their business plans at one or more of these forums.

Paul said that supporting the forums is only part of the consortiums objective, though.

This is an excellent opportunity for the banking community to become more involved in Kalamazoos continued economic development, Paul said. New business startups are a critical part of our economic growth and banks have not traditionally played a role in fostering their success.

Paul added that the banking communitys involvement is not intended to provide a means to finance new businesses. Because those tend to be high-risk loans and often without physical collateral startup funding is traditionally found in the venture community where investors offset the risk by requiring a percentage of the companys profits, and adding value through a board seat, connections into that industry and business mentoring.

The consortium will provide support to new businesses as they transition from startups to asset-managed companies. They provide access to and information about Kalamazoo businesses and can provide financial coaching to entrepreneurs.

Barry Broome, Southwest Michigan First CEO, said the consortium is another example of Kalamazoos community-wide commitment to economic development.

This is a significant investment of time, financial support and sweat equity on the part of every major bank in Kalamazoo, Broome said. I think that very quickly this will be seen as a best practices by other communities and youll start to see this model replicated around the country.

Members of the Consortium include:

Darren M. Timmeney, President, BankOne
Kalamazoo/Battle Creek Region

Mark Montross, Vice President Chemical Bank Shoreline

A.W. “Bud” Betts, Regional Vice President Comerica Bank

John Paul, Jr., Senior Vice President Fifth Third Bank

Jerry Blaisdell, City President
Kalamazoo Regional Banking Group, Huntington National Bank

Jose Santamaria, Market President, Kalamazoo-Area Irwin Union Bank

W. Ford Kieft III, Chairman, President & CEO
Keystone Community Bank

Larry Lueth, Regional President, National City Bank

Dennis J. Kuhn, President and CEO
Portage Commerce Bank

Matt McDade, President, Republic Bank

Dawnanne Corbit, Senior Vice President, Standard Federal Bank