Financial support to grow your innovative business or idea
The Matching Fund Program for Monroe County supports and encourages business growth with a variety of seed funding opportunities.
We want to give our best and brightest the chance to build their future here in Monroe County. We want to welcome home those who had to leave in order to find a good paying job. And finally, we want those who are looking for a great place to start a business to consider Monroe County.
Most new businesses start with a good idea and a little help from friends and family. We’re here to serve as your extended family by assisting you with funding, guidance and the support you need to accomplish your goals. When you succeed … we all succeed.
ABOUT THE PROGRAM
Wanting to increase entrepreneurial support in the county, the Monroe County Business Development Corporation partnered with ProMedica Innovations to develop a matching loan program. Both organizations have pledged $250,000 to create a $500,000 revolving loan fund to support investments in qualified businesses and start-ups located in Monroe County, Michigan.
In addition to locating in Monroe County, eligible businesses must have the potential to create new jobs. The fund is particularly geared toward leading-edge technology and advanced manufacturing businesses that have high growth potential. Funds allocated through the program function as a loan and applicants are expected to match the allocated amount of the committee's investment.
Our goals are simple:
- New high-paying jobs that benefit Monroe County’s community and residents
- New opportunities for capital formation
- Growth in new business startups
- Self-sustaining initiatives that result in a repayment of loan to support other applicants
- High Value exits that provide opportunity to expand the fund for other applicants
Think that you idea is ready? Fill out an application! Things to note:
- Applications are accepted at any time throughout the year.
- The application is used to determine if a business or idea meets the base level qualifications and goals of the program.
- If your business does qualify, we will schedule an interview to learn a more about you, your team, your business, and how we can help.
If it looks like a good fit, one of our team members will be assigned to present your application to our Matching Fund Committee. That individual will work closely with you to prepare for additional questions from the committee. The Matching Fund Committee approves and structures all investments. If we do make an investment, the Monroe County Business Development Corporation will administer the program and service program loans. The applicant will be required to prove that funds provided in the loan will be matched either personally or through other means.
If your idea needs a little more work, we can help there too. A group of agencies that support entrepreneurship in Monroe County have come together to form, Launch 734, an entrepreneurial support network for Monroe County. Additionally, the Small Business Development Center’s devoted team of experienced business leaders and knowledge experts can help you work on your plan. Monroe County’s SBDC services fall under the Greater Washtenaw Region; for more information, please contact the BDC or visit SBDC.
Here are some examples of organizations that do not fit the program:
- Organizations that discriminate in either policy or practice against people because of their age, race, national origin, ethnicity, creed, gender, sexual orientation or disability
- Programs that proselytize or promote specific religious doctrines
- Sponsorships for fundraising events
- Scholarships or direct financial awards to individuals
- Unsolicited proposals from colleges and universities
- Organizations seeking funding for lobbying or political activities
If you have any questions or concerns, please feel free to contact the Monroe County BDC at 734-241-8081 or via email.
college venue llc
In 2017, you may a spotlight article in the Monroe News about three, young, Monroe County entrepreneurs that had created a collegiate lifestyle app. On October 1, 2019, Reese LaBudie, Kyle Spare, Banty Hill and Harrison Carter of College Venue, were rewarded a check in the amount of $10,000 from the BDC/Promedica Innovation Monroe County Matching Fund program. (Pictured above from left - Jeff Beamsley, Tim Lake, Reese LaBudie, Matthew Vanisacker.)
Originally launching at the University of Toledo, the College Venue app focused on highlighting campus events . Now, the company has extended its reach to Bowling Green State University with an app that has since evolved to become much more. "College Venue is a college student exclusive social media platform based around content creation on college campuses," said Reese LaBudie, Founder.
The startup plans to use the funding received to expedite application development and aid their efforts of gaining substantial user base. "The BDC has made a huge impact on our business and us personally," LaBudie added. "The Matching Fund and people involved have helped tremendously with not only getting this startup off the ground, but by providing the opportunity to network with people who have real world experience in business."
The Monroe County BDC/Promedica Innovations Matching Fund was established in the Summer of 2018 to assist Monroe County entrepreneurs by providing a match of gap funding to supplement startup funds. "The College Venue story is yet another chapter of Monroe County's rich, entrepreneurial history" said Tim Lake, President & CEO of the BDC. "The BDC and Promedica Innovations are excited to provide matching funds to propel College Venue and other Monroe County entrepreneurs forward."
Vital Tech Services, LLC
July 2018 - Vital Tech Services became the first recipient of the Matching Fund Program and received a check for $12,500.
Vital Tech was established in 2013 to provide software database solutions along with CAD services for medium and large companies focusing on the power generation industry. Today, they provide software and service to multiple industries.
The funding will be used to launch another aspect of asset management software. "We are working on a medical and security 3D asset management system," said Jean Dahm, founder, CEO and President of Vital Tech Services, LLC. Visit Vital Tech to learn more about this Monroe County business!