| Follow Us: Facebook Twitter

Founders

Company

Power Panel

461 Burroughs St
Detroit, MI 48202

Garth Schultz

What educational, entrepreneurial or business development programs, if any, have you taken advantage of?
The Small Business and Technology Development Center has been important in helping to refine our business plan and ability to pitch.

Where did you find your first employee?
I had previously worked with our first employee, Ken Buttery. He is an excellent CADesigner and is currently doing contract work in Texas while we get financed.

Where have you turned to find capital to grow your company and which institutions have provided it?
To put together our finance picture to get to production we have obtained or in the process of obtaining financing from our suppliers for $1.8 million in convertible/option loans. These are comprised of equipment and component suppliers. We also have access to a reimbursement loan from Michigan Dept of Energy, Labor & Economic Growth for plant equipment of $800,000. This was a result of our application to the Michigan Clean Energy Advanced Manufacturing grant and loan program.

We also will by the end of the year secure a private investment of $200,000, however, we can not name names yet. It's a good fit for us. This puts us just $500,000 short of our required amount with $1.3 million currently logged.

What advice would you give to someone who was thinking about opening a business here?
For others who want to participate in a start up, spread the load (get good partners) and be in it for the long haul. Expect your product/service to take a walk in the desert while it and you mature. If it and you survive the walk get prepared for success.

What are some of the advantages to doing business here?
Michigan is good for a company that wants to manufacture. With our automotive supplier base, there is always someone who will make you a part.



Signup for Email Alerts