In a entrepreneur video interview with AnnArbor.com’s Business Review, Skip Simms explains the importance of microloans for funding options for new business owners as traditional sources of capital are no longer available. Simms, a Managing Director at Ann Arbor SPARK, highlights how critical funding is for start-up companies and how microloans can help the economic plan for the Ann Arbor business community.
According to Simms, “Microloan funds are specifically for the very early stage, innovative based companies that are not ready yet for private equity for even that first round of angel investment.” He continues, “(Microfunds) help entrepreneurs to market, to get into the market, to ramp up production of their prototypes and to make their first sales. That’s the primary purpose of the funds.”
Ann Arbor SPARK aims to advance the economic development of innovation-based businesses in the Ann Arbor region by offering programs, resources, and proactive support to business at every stage, from start-ups to large organizations looking for expansion opportunities.
Watch the full interview about microloans.
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