Another $200,000 in financing has been dispersed by the Michigan Microloan Fund Program, a large portion of which is helping start-ups run by University of Michigan graduates get off the ground.
The Michigan Microloan Fund Program
provides five-figure loans around $50,000 to locally based start-ups in need of seed capital. The funding helps support the commercialization of their products. More than $2.5 million has been loan through the fund since its inception.
Among the most recent recipients is Rippld
, a Detroit-based start-up that is creating a connection, collaboration and services exchange platform for creative professionals and the clients that need their talents. Rippld
was founded by a trio of U-M grads, Adrian Walker
, Wilbert Fobbs III and Lander Coronado-Garcia
"It's going to help both the tools and the man-hours needed to build it out," Coronado-Garcia says. "Some of those funds are going toward the cost of the independent contractors and employees. It is also going toward the infrastructure cost of hosting the site."
Another recent recipient is Seelio
, formerly known as TruApp
. The Ann Arbor-based start-up created by U-M alumni provides a stage for college students to distinguish themselves through an online portfolio of work and connect with companies. The microloan is funding Seelio's recent beta launch, and served as a bridge to the company’s recently closed seed funding round.
Source: Lander Coronado-Garcia, co-founder of Rippld
Writer: Jon Zemke