There are many steps to launching a new company, including securing capital to cover crucial startup expenses. Often, traditional funding isn’t a feasible option at the early stage of development, which can hinder or stall a new business.
“Entrepreneurism is vital to a thriving economy. LION will provide more opportunities for small businesses to get started in Lenawee County,” explained Jim Van Doren, Executive Director at Lenawee Now.
To increase entrepreneurial activities in Lenawee County, a group of investors created the Lenawee Investment Opportunity Network Fund (LION Fund). It is designed to provide entrepreneurs and startups access to the necessary funding to start or expand a small business.
The name of the fund is inspired by the Lion Motor Car Company, an automobile manufacturing company that started in Adrian, Michigan in 1909. Lion Motor Car Company was known for its quality and innovations.
LION is made up of local investors who are looking to spur growth in Lenawee County. Each of the investors have contributed to the economic success of Lenawee, including ProMedica who has kick-started the fund with a generous donation of $250,000.
“We are extremely excited to get started on this project. We’ve had the privilege of working with several successful startups in Lenawee County in the past few years. Providing opportunities like this to entrepreneurs is very important to us,” said Tim Robinson, Director of Operations at Lenawee Now.
Residents with new business ideas can contact Lenawee Now, who can help with conducting market research, creating financial projections, and developing a business plan. If you are an entrepreneur and are looking to get started, please contact Lenawee Now at 517-265-5141.