Michigan Microloan Fund invests in Ann Arbor's Ix Innovations

Wednesday, April 21, 2010 | Source: Concentrate

Another Ann Arbor-based firm has scored a loan from the Michigan Microloan Fund, becoming one of three firms to indulge in the latest round of financing.

Ix Innovations received an unspecified portion of $115,000 from the microloan fund. The other two firms that split the money were both from Detroit - NextCAT and CYJ Enterprises.

Tech Brewery-based Ix Innovations will use the money to further the commercialization of its PocketPico product. PocketPico is a portable, USB-powered picoammeter that can be used as a stand-alone instrument or connected to a PC.

The money allows one of the current four people working on the project to focus on it full time. This new-found focus should allow the start-up to roll out its product later this year.

"Bringing on an enginer to work full-time was key for us," says Ian Dailey, CEO of Ix Innovations. "The rest of the money will be spent on product development."

The microloans provide funding for start-ups so they can either commercialize their product or accelerate their business growth. The $1.5 million program will make anywhere from 2-4 loans of a few thousand dollars each per month for 2010. That's another 24-48 fledgling local businesses receiving financing during a time when loans for small businesses have been almost non-existent since the economy crashed.

Source: Ian Dailey, CEO of Ix Innovations
Writer: Jon Zemke