New Michigan Microloan Fund director keeps deal flow gushing

There is a new man in charge of the Michigan Microloan Fund Program at Ann Arbor SPARK, and Joe Licavoli's plan is not to fix a seed-funding initiative that isn't broken.

The Michigan Microloan Fund Program has been on a tear the last 18 months, servicing a growing number of small businesses looking for a source of start-up capital. Nine companies have received $397,000 in loans in recent months.

"We have seen an increase in deal flow going from 2012 to 2013," says Licavoli, manager of capital programs at Ann Arbor SPARK.

The Michigan Microloan Fund Program provides small loans (think low five figures) to even smaller start-ups in the pre-seed stage, companies that need some seed capital to grow but aren't mature enough to garner angel investment or bank loans. So far the program has made $3.6 million in subordinated loans to 84 Michigan-based companies since 2009.

Licavoli is a veteran of the IT and finance industries, working in business development, operations and investment, at companies such as Ramsoft Systems and Kelly Services. He is focused on keeping the current level of deal flow at the Michigan Microloan Fund Program as it works to establish itself as a permanent funding source for local start-ups.

"It's not a mature program," Licavoli says. "It's only been around a couple years."

Source: Joe Licavoli, manager of capital programs for Ann Arbor SPARK
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.