Contribute to the SMARTstart Pasco Microloan Fund
In January 2012 Pasco EDC created the Pasco Microloan Loan fund. This revolving loan fund makes small business loans possible for multiple Pasco County entrepreneurs. When loans are paid back, with monthly payments or paid-off in full, the funds are then made available for other small business applicants.
Since establishing the Pasco Microloan there have been 27 loans funded totaling $748,800. These loans have helped young companies create or retain 166 jobs. The total capitalization ($914,000) is very close to being revolved and 5 loans have already been paid off, one replaced by conventional financing.
Pasco County Commissioners helped to capitalize the fund with $500,000—including $400,000 made available from the Penny for Pasco Jobs and Economic Opportunities Trust Fund in 2016—and an additional $414,000 has been raised from private sources, including Pasco EDC funds. Pasco EDC is continuing to work to increase private donations to match the County funds and offer funding for growing Pasco companies. Other Microloan Loan donors since inception include:
- Bank of America - $10,000
- CenterState Bank - $20,000
- Pasco County - $500,000
- Pasco EDC - $205,000
- Rubber Resources - $1,000
- Saint Leo University - $50,000
- Suncoast Credit Union - $10,000
- SunTrust Foundation - $15,000
- Tim Tangredi - $10,000
- Wells Fargo - $93,000
With a goal to close 12 loans in 2017 and an average loan size of $24,960 we can go through the available funds very quickly, so the Pasco EDC Microloan Committee has committed to raise $100,000 in 2017.
You might ask, does adding a job here and a job there result in real change? The answer is, “YES.”
Pasco County has about 48,900 locally owned businesses of which 96% have 9 or less employees. If each one of them added only one more job, we could increase employment in the county by more than 50,000.
The microloan fund is a start toward that goal.
Won’t you write a check today to help make this happen?
Thank you to the organizations and people who have supported the SMARTstart Microloan Fund through their generous contributions