The
MTEC SmartZone in Houghton has been supporting and starting businesses in the Keweenaw for several years, but now that support is going to be widened with the addition of some new small-business funding.
The SmartZone's Loan Fund is going to be providing loans from $5,000 to $50,000, to technology-based companies to use for startup and growth, in the western U.P. and the Keweenaw.
The loans can be for expansion of existing firms, helping startups, or attracting new companies to the area; the only requirement is to create tech jobs.
MTEC Smart Zone program director Jonathan Leinonen says such jobs will help build the foundation for a new kind of economy in the area.
"Jobs in life sciences, alternative energy, advanced automotive, manufacturing and materials, homeland security and defense are foundational to Michigan's new economy. This fund helps establish a strong local base of these businesses," he says.
Some of the things the fund can assist with include equipment and working capital, product research, pilot testing, marketing and development and patent applications, even travel to trade shows to showcase products and other expenses.
"We're involved with numerous technology projects with Michigan Tech and local businesses. We want to facilitate funding for new entrepreneurs to get started as well," Leinonen says.
Writer: Sam EgglestonSource: Jonathan Leinonen, MTEC SmartZone
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.