HOUGHTON - The Michigan Tech Enterprise Corporation SmartZone is helping companies that wish to start, expand or relocate to the Copper Country by offering assistance through the MTEC SmartZone Loan Fund.
Jonathan Leinonen, MTEC SmartZone program director, said MTEC SmartZone's Loan Fund provides loans from $5,000 to $50,000 to encourage expansion of existing firms, assist start-ups and attract new technology businesses in an effort to create technology-based jobs in the Keweenaw.
"Jobs in life sciences, alternative energy, advanced automotive, manufacturing and materials, homeland security and defense are foundational to Michigan's new economy," Leinonen said. "This fund helps establish a strong local base of these businesses."
Leinonen said it's important to offer the assistance for growth in the Keweenaw.
"This fund would be able to come into play where traditional financing wouldn't be available," he said. "There are a good number of businesses that we have in the area here that are in need of funding."
Ideal businesses for the fund are those not suited for traditional financing, Leinonen said, such as technology businesses that don't have property and equipment to back traditional loans and need different sources for financing.
"We've recognized this need for years and now we have the ability to tailor this fund for local technology businesses," he said.
MTEC SmartZone's Loan Fund provides equipment and working capital loans to small and emerging technology businesses to use for expenses, product research, pilot testing, marketing and business development, patent applications and trade show attendance.
"We're involved with numerous technology projects with Michigan Tech and local businesses," Leinonen said. "We want to facilitate funding for new entrepreneurs to get started as well."
Also, MTEC SmartZone is providing assistance to local technology companies who want to discuss funding opportunities at the national Small Business Innovation Research conference on April 10 in Madison, Wis.
"(Businesses ideal to attend the conference) are ones that have got research and development activity going on within the company," he said. "Typically, that would be a product-based business and they may have some work that they're doing already. This provides them a means for public funding for doing some of that research and development."
Thirteen Houghton County companies have received more than 70 contracts totaling more than $18 million, Leinonen said.
"Many of these grants were provided to businesses with only two or three employees," he said. "The contracts helped the companies become established. Most have secured numerous grants and grown to suit."
Currently, MTEC SmartZone is pulling together a group interested in attending the conference, where companies can learn about federal opportunities and how to submit competitive research proposals, and meet with agency representatives directly.
Leinonen said the SmartZone will cover the costs of transportation, lodging and conference fees up to $1,000 per person, for up to eight participants. Applications for financial assistance will be accepted until Feb. 15, 2011. To learn more, contact Leinonen at 487-7004.