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Ann Arbor Spark

December 10, 2007

Company Formation Loans Delayed

No loans in December, Wait to January

The MEDC isn’t prepared to present the applicants for Company Formation Fund loans this month.  They are still trying to catch up processing the loans approved last month.

You will recall the program was opened the first of November.  A rush of about 30 companies was processed and about 25 were approved for loans totalling more than $4 million by the MSF Board on Nov. 28.  Now all the paperwork needs to be done.

The companies that applied and were ready for submission in December will have to wait until the first group of companies are taken care of and money dispursed. The MSF Board meets on January 23.

We will also have more companies teed up to be included for January approval. I doubt there will be any funds left in the program after January.

Skip Simms