New Eagle Receives First Eastern Washtenaw Microloan Fund
New Eagle, a technology-enabled service provider, was recently awarded the first loan from the Eastern Washtenaw Microloan Fund, a funding opportunity for start-ups that’s part of the Michigan Microloan Fund Program, Washtenaw County helped to fund the Michigan Microloan Fund Program to help companies like New Eagle, based in Ypsilanti, Mich., who will use the microloan to commercialize its MotoHawk® software.
“Investing in innovation-based start-ups like New Eagle is a way that Washtenaw County can support the future of our regional economy,” said Bob Guenzel, Washtenaw County administrator. “Helping businesses that create jobs, attract and retain technology talent, and are committed to growing in the Ann Arbor region is a solid investment in growing opportunities in Washtenaw.”
New Eagle’s MotoHawk® software fuels innovation with market leading algorithms and development methodologies that speed product commercialization. The company is focused on the EV, hybrid power train and alternative energy markets.
In addition to administering funds to New Eagle, Ann Arbor SPARK’s Business Accelerator is assisting the company with customer introductions, marketing strategy and business development.
The $1.5 million Michigan Microloan Fund Program currently includes three distinct microloan funds. Through the Michigan Microloan Fund Program, $225,000 is available to start-ups via the Eastern Washtenaw Microloan Fund, $1 million is available through the Michigan Pre-Seed Capital Fund and $275,000 is available for companies located in the City of Ann Arbor via funding from the Ann Arbor/Ypsilanti Local Development Financing Authority (LDFA).
Microloans available through the Michigan Microloan Fund Program range from $10,000 to $50,000. To qualify, companies must be a small business located in Michigan, have the rights (ownership or license) to innovative technology, and be privately held.
For more information about the Ann Arbor SPARK microloan program, visit http://www.annarborusa.org/funding-incentives/.
Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations. Ann Arbor SPARK represents all communities in the Washtenaw County. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Michigan Works!/ETCS, Washtenaw County, the City of Ann Arbor, the Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.
