FamilyMint, Fusion Coolant Systems, Shepherd Intelligent Systems Awarded Michigan Microloans
Three Michigan companies have received a combined total of $145,000 through the Michigan Microloan Fund Program, managed by the Ann Arbor Spark business incubator, bringing the total amount invested through the fund to more than $1.8 million since it was launched in July 2009.
Microloans available through the fund range from $10,000 to $50,000 and are reserved for Michigan-based, privately held companies. Awarded grants this time around are:
FamilyMint: The Ann Arbor-based company has an online budgeting tool that helps parents work with their kids to develop the children’s money management skills. Parents act as the bank and automate allowance, encourage savings with interest rates, and reward deposits that go toward saving for specific goals. Parents act as the bank and automate allowance, encourage savings with interest rates, and reward deposits that go toward saving for specific goals. Jeff Eusebio, FamilyMint co-founder and CEO, says in a prepared statement that the funding will help the company approach new markets and invest in continued development.
Fusion Coolant Systems: The Ypsilanti, MI-based company is developing advanced coolant and lubrication systems. The company says its patented CHiP Lube system reduces lubricants costs while simultaneously improving worker health and safety and eliminating a toxic waste stream that is part of typical lubricant production. Company CEO Thomas Gross says in a statement that the loan will help finalize product development and engage with initial customers.
Shepherd Intelligent Systems: The Ann Arbor company provides fleet management services using 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. Company President Adrian Fortino says in a prepared statement that the microloan will help with a national sales push over the next few months.