FamilyMint, Fusion Coolant Systems, Shepherd Intelligent Systems Awarded Michigan Microloans

Three Michigan companies have received a combined total of $145,000 through the Michigan Microloan Fund Program, managed by the Ann Arbor Spark business incubator, bringing the total amount invested through the fund to more than $1.8 million since it was launched in July 2009.

Microloans available through the fund range from $10,000 to $50,000 and are reserved for Michigan-based, privately held companies. Awarded grants this time around are:

FamilyMint: The Ann Arbor-based company has an online budgeting tool that helps parents work with their kids to develop the children’s money management skills. Parents act as the bank and automate allowance, encourage savings with interest rates, and reward deposits that go toward saving for specific goals. Parents act as the bank and automate allowance, encourage savings with interest rates, and reward deposits that go toward saving for specific goals. Jeff Eusebio, FamilyMint co-founder and CEO, says in a prepared statement that the funding will help the company approach new markets and invest in continued development.

Fusion Coolant Systems: The Ypsilanti, MI-based company is developing advanced coolant and lubrication systems. The company says its patented CHiP Lube system reduces lubricants costs while simultaneously improving worker health and safety and eliminating a toxic waste stream that is part of typical lubricant production. Company CEO Thomas Gross says in a statement that the loan will help finalize product development and engage with initial customers.

Shepherd Intelligent Systems: The Ann Arbor company provides fleet management services using proprietary software tools. Real-time vehicle information, including location and time of arrival prediction, is delivered directly to passengers and fleet managers via a computer or mobile phone. Company President Adrian Fortino says in a prepared statement that the microloan will help with a national sales push over the next few months.

Author: Howard Lovy

Howard Lovy is a veteran journalist who has focused primarily on technology, science and innovation during the past decade. In 2001, he helped launch Small Times Magazine, a nanotech publication based in Ann Arbor, MI, where he built the freelance team and worked closely with writers to set the tone and style for an emerging sector that had never before been covered from a business perspective. Lovy's work at Small Times, and on one of the first nanotechnology-themed blogs, helped him earn a reputation for making complex subjects understandable, interesting, and even entertaining for a broad audience. It also earned him the 2004 Prize in Communication from the Foresight Institute, a nanotech think tank. In his freelance work, Lovy covers nanotechnology in addition to technological innovation in Michigan with an emphasis on efforts to survive and retool in the state's post-automotive age. Lovy's work has appeared in many publications, including Wired News, Salon.com, the Wall Street Journal, The Detroit News, The Scientist, the Forbes/Wolfe Nanotech Report, Michigan Messenger, and the Ann Arbor Chronicle.