About SMARTstart Microloans

In April 2012, Pasco EDC established a community-based Microloan Fund (MLF) to be a loan source for Pasco County-based small businesses and help create a stronger economy, job opportunities and provide entrepreneurial education in our community.

Loan applicants apply by completing a loan application, blank copies of which may be downloaded here or requested through Pasco EDC.  Interested microloan applicants are required to talk with a member of Pasco EDC staff for directions as to the application process and review the list of all required documentation for presentation to the Microloan Committee.

Lending Summary

Loans are available up to an amount of $35,000 with a fixed interest rate.  The term of loans may range from 12 months up to a maximum of 72 months and may not be a revolving line of credit.

Loan proceeds may be used for:

  • Working capital
  • Inventory
  • Supplies
  • Furniture/fixtures
  • Machinery/equipment

Loans may not be used for the purchase of real estate or for refinancing existing debt (unless an incidental part of the loan total).

Collateral

Collateral will be required to the extent available, up to the total value of the loan, though lack of collateral, in and of itself, will not be grounds for denial of the loan.  Personal guarantees of borrower(s) and, if applicable, spouses will be required with respect to all loans. 

Terms

The interest rate for SMARTstart Microloans is basedo n the term of the loan and the Wall Street Journal Prime Rate.  Current rates* are:

Term

Months

Over Prime

Rate

6 years 72 3.00 6.50
5 years 60 2.75 6.25
4 years 48 25.0 6.00
3 years 36 2.25 5.75
2 years 24 2.00 5.50
1 year 12 1.75 5.25

*Rates are subject to change.

Other Requirements

Each borrower may be required to participate in technical assistance, which must include at least 1 hour of individual counseling with a Pasco EDC staff member or SCORE counselor for each quarter during the loan term.  Additional technical assistance may be required as determined during the loan application process and may include programs offered from other organizations designated by MLF to provide this service, including specific business workshops or seminars.

Pasco EDC Microloan Committee

A nine-member Loan Committee is appointed by the Pasco EDC Board of Directors and has authority to make binding loan decisions and carry out other functions required to make loans to small businesses under the program.  The Pasco EDC Board of Directors has authority to establish and modify maximum loan terms and allowable interest rates and relies on the recommendations of the Loan Committee for such decisions.

Are You Ready To Get Started?

Download an Application Now

CONTACT ME
About Our Microloans
Krista Covey
SMARTstart Business Incubator Director

Email: .(JavaScript must be enabled to view this email address)
Toll free: (888) 60-PASCO | (888-607-2726)
Telephone: (352) 437-4861
Upcoming Events...

March 2, 2017
Pasco County Reverse Trade Show
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March 2, 2017
SMARTstart CO.STARTERS - West Pasco Session
10-Week Series Start Date: March 2, 2017 Graduation Date: May 4, 2017 Day & Time: Thursday evenings (6:00 pm –…
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March 6, 2017
SUP-X: The StartUp Expo
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