October 4, 2010 8:26
Michael Cole, Group President of Bank of Ann Arbor’s Technology Banking Group announced a financing arrangement to provide working capital to support TechTown’s mission of expanding the region’s innovation economy. The announcement was made at TechTown’s First Friday event on October 1, 2010.
“Detroit’s TechTown is one of the nation’s leading business incubators and an important catalyst for Detroit’s new economy,” said Cole. “Bank of Ann Arbor is dedicated to supporting regional economic development collaboration and high growth, innovation based businesses. This partnership makes perfect sense for Southeastern Michigan.”
"For the last several years, many large banks have been scaling back their commitment to Detroit,” said TechTown Executive Director Randal Charlton. “By taking the opposite approach, the Bank of Ann Arbor will be positioned to get a first-hand view of the wide range of new technology that is being developed at our various research institutions in our city as well as by entrepreneurs at TechTown. The bold leadership that the bank has displayed in supporting entrepreneurs will enable them to provide financial services to the best of our emerging high technology companies, and to grow and prosper along with Detroit over the next decade.”
About Bank of Ann Arbor
Bank of Ann Arbor is a locally owned and operated full service bank with total assets and assets under management of more than $1.2 billion. Bank of Ann Arbor’s Technology Industry Group is one of only a handful of banking groups across the country focused on providing loans and cash management services to small and mid-sized innovation based businesses. Its products and services are helping new economy businesses grow and create jobs for Michigan’s future. For additional information, please visit www.boaa.com.
TechTown is an urban community of entrepreneurs, investors, mentors and partners creating an internationally influential village in Detroit. TechTown brings the resources of Wayne State University to high-technology startup companies to diversify and strengthen Michigan's economy in high-growth emerging industries. For more information, visit www.techtownwsu.org.