Program assists entrepreneurs in launching and growing local businesses
Lutz, Fla. (August 9, 2016)—On Friday, August 5, Skip Skairus, Vice President of CenterState Bank visited the Pasco Economic Development Council office in Lutz, Florida to present a check for $5,000 to support Pasco EDC’s Microloan Fund. Bill Cronin, President/CEO of Pasco EDC, was on hand to personally accept the donation. This is the fourth such contribution made to the Microloan Program by CenterState Bank since the inception of the program in March 2012.
“We are proud to be long-time supporters of the Microloan Program,” said Skairus. “When we give small business owners the opportunity to succeed and create jobs, they can help boost the Pasco County economy as a whole.”
“Today’s large corporations were once small, homegrown companies started by an entrepreneur with an idea,” added Cronin. “Funding is one of the biggest hurdles faced by business owners in their early stages of their company. The Microloan Program helps give Pasco County entrepreneurs the chance for their businesses to reach their full potential and make a real impact on the community.”
Over the last year, Pasco EDC has raised a total of $20,000 from private donations and the business community. In April 2016, the Pasco County Board of County Commissioners contributed $400,000 from the Penny for Pasco Jobs and Economic Opportunities Trust Fund. Contributions like these help ensure funds are available to support local, small business owners who have demonstrated they have the experience, resources, and valid business plan needed for success, but are unable to secure traditional financing.
Those seeking funding from the microloan program must run a for-profit company located in Pasco County, and proceeds may be used for working capital, inventory, supplies, furniture, fixtures, machinery and equipment, but not to purchase real estate or to refinance existing debt. Microloans are available in amounts up to $35,000.
In less than five years, Pasco EDC’s Microloan Program has proven highly successful. The 26 microloans that have been awarded since the start of the program have resulted in the creation or retention of 162 jobs in Pasco County.
For information about becoming a contributor to the Microloan Fund, contact John Walsh, Vice President of Pasco EDC at (813) 926-0827 ext. 223. Additional information about the program and an application to apply for a microloan can be found in the Startups & Small Biz section of the Pasco EDC website at www.PascoEDC.com.
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About Pasco Economic Development Council
Pasco EDC is the lead economic development organization dedicated to the overall growth and prosperity of Pasco County through the development of a sustainable and diversified economy. Pasco EDC continues to be a strong partnership funded by corporate and public investors focused on the economic vitality of Pasco County. www.pascoedc.com