Make us your home page
Instagram

Pasco Economic Development Council starts microloan program for small businesses

NEW PORT RICHEY — Small businesses in Pasco now have an alternate financing option to help them get off the ground.

The Pasco Economic Development Council's new microloan program kicks off today. The program is geared toward Pasco businesses that cannot get bank financing because their request is too small or they have a short credit history.

"These are basically loans that banks are not interested in for various and sundry reasons," said Michael Cox, a former county commissioner who is head of the council's effort to start the program. "Our goal is to help these companies become good bank customers down the road."

The microloan program has $220,000 in startup money, including a $100,000 grant from the county that was approved last week by the County Commission. Other donors include banks, Saint Leo University and Tim Tangredi, CEO of Odessa nanotechnology firm Dais Analytic.

The maximum loan would be $35,000, with terms ranging from 12 months to six years. Interest rates range from prime plus 1.75 percent to prime plus 3 percent. Last week Cox said a health care consulting company and a property management firm had already submitted applications.

After a year, the council will apply for more financing from the federal Small Business Administration. In the meantime, the fund will be replenished as companies repay loans.

In addition to the loans, council president John Hagen said his group will offer owners advice and training on how to start or grow a new company. He said some of that help could come from Saint Leo faculty and students. "We've got a great management assistance cadre that we can bring together to support the loans," he said.

Lee Logan can be reached at llogan@tampabay.com or (727) 869-6236.

>>fast facts

For information

The Economic Development Council is looking for companies that want to apply for a loan, as well as businesses that would like to donate to the microloan fund. For information, call (813) 926-0827.

Pasco Economic Development Council starts microloan program for small businesses 02/29/12 [Last modified: Wednesday, February 29, 2012 7:22pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Former Sen. Greg Evers, advocate for law enforcement, dead at 62.

    State Roundup

    TALLAHASSEE — Former State Sen. Greg Evers, the Baker Florida strawberry farmer and veteran politician, was killed in a single car crash hear his home in Okaloosa County. The Florida Highway Patrol confirmed the death late Tuesday, but deferred any further information pending an investigation. He was 62.

    Former Florida Senator Greg Evers, R- Milton, was a passionate advocate for law enforcement and corrections officers. He was found dead Tuesday afternoon in a car crash. He was 62. [SCOTT KEELER | Tampa Bay Times]
  2. Foundation Partners buys Anderson-McQueen Funeral Home

    Business

    ST. PETERSBURG — Anderson-McQueen Funeral Home, the Tampa Bay area's largest family-owned funeral company, has been sold.

    Anderson-McQueen Funeral Home, the Tampa Bay area's largest family-owned funeral company, has been sold.
[CHRIS URSO   |   Times]
  3. Water Street Tampa unveils video showing downtown's transformation

    Business

    TAMPA — Water Street Tampa, the sweeping, 50-plus acre redevelopment project in Tampa's urban core, has unveiled new images and video of what the downtown district will look like upon completion.

    Strategic Property Partners released a conceptual image of what the Tampa skyline will look like once its redevelopment of 50-plus acres of downtown will look like. [Photo courtesy of  of SPP]
  4. Florida ranks high for workplace equality between men and women

    Working Life

    When it comes to the workplace, Florida ranks fifth in terms of gender equality, a WalletHub study released Tuesday found.

    Florida ranks high in terms of equality between men and women in the workplace. Pictured is Sandra Murman, county commissioner in 2015, talking about the differences in pay between men and women. | [Times file photo]
  5. Treasury secretary's wife boasts of travel on government plane, touts high fashion

    National

    U.S. Treasury Secretary Steven Mnuchin's wife, Louise Linton, boasted of flying on a government plane with her husband to Kentucky on Monday and then named the numerous fashion brands she wore on the trip in an unusual social media post that only became more bizarre minutes later.

    Steven Mnuchin and his then- financee Louise Linton watch as President Donald Trump speaks during Mnuchin's swearing-in ceremony as  treasury secretary in the Oval Office of the White House on Feb. 13. [Mandel Ngan | AFP via Getty Images]