Story excerpt provided by Crain's Detroit Business
Written by Kirk Pinho
The application period for up to $100,000 in funding for startup and emerging businesses through the Innovation Fund, a partnership between Macomb Community College and J.P. Morgan Chase & Co., begins next month.
MCC President James Jacobs said it's not yet known the exact date the application period will begin, but funding is expected to be awarded starting in the summer after a committee review.
"This (application) isn't something you mail in and then a committee meets and says "yes' or "no' and sends you back a "yes' or "no' answer," he said. "In the process, we want to make sure everybody gets something out of this. They may not get an award of cash, but there may be a meeting, some advice given, some suggestions of modification."
Funding will be available to companies within Wayne, Oakland, Macomb, Livingston, Wash-tenaw, Genesee, Monroe, Shiawassee and St. Clair counties. The focus will be on companies in advanced manufacturing, information technology, alternative energy, health care, and logistics and supply chains.
Grants of $25,000, which don't have to be repaid, will be awarded to startups. In other cases, up to $100,000 will be made available to advance the progress of emerging companies toward more substantial equity funding.