West Michigan group to review state’s life-science micro-loan applications

Applications for Michigan’s small-business micro-loan program will go through the West Michigan Science & Technology Initiative.

The organization recently announced it was selected to review and approve micro-loan applications from life science companies that apply to the Michigan Pre-Seed Capital Fund. The fund’s micro-loan program range from $10,000 to $50,000. Loans have a term of three years with an interest rate of 12 percent. Only Michigan companies are eligible for the program and must remain in the state for the life of the loan.

The Capital Fund was created to accelerate company development and help during the “valley of death” between the development of a product before its ready for sale. Two life science companies recently received more than $200,000 through the fund’s equity-investment program.