Three Michigan companies recently received a combined total of $145,000 through the Michigan Microloan Fund Program, bringing the total amount invested through
the Fund to over $1.8 million. FamilyMint, Fusion Coolant Systems and Shepherd Intelligent Systems received the funding to support commercialization of their core products.
FamilyMint, based in Ann Arbor, is an online budgeting tool that helps parents guide spending and helps kids develop vital money management skills. FamilyMint builds on the natural way children learn, through observing and doing; children take the reins, allocate savings, set goals, and make transactions. Microloan funding awarded to FamilyMint was via the Ann Arbor/Ypsilanti SmartZone Local Development Financing Authority.
Fusion Coolant Systems, located in Ypsilanti, Mich., makes manufacturing processes faster, cheaper and cleaner through the use of advanced coolant and lubrication systems. The company’s patented CHiP Lube system reduces costs while simultaneously improving worker health and safety and eliminating a toxic waste stream. Fusion Coolant Systems received funding through the Eastern Washtenaw Microloan Fund.
Shepherd Intelligent Systems, LLC, based in Ann Arbor, provides fleet management services utilizing proprietary software tools. Real-time vehicle information, including location and time of arrival prediction, is delivered directly to passengers and fleet managers via a computer or mobile phone. These tools are used to improve fleet operational efficiency and empower transit riders to use their time more effectively. Microloan funding awarded to Shepherd Intelligent Systems was via the Ann Arbor/Ypsilanti SmartZone Local Development Financing Authority.
Since the Michigan Microloan Fund Program was established in July 2009, 45
companies have received over $1.8 million in subordinated loans.
