Make us your home page

Pasco EDC offers 'microloan' option to some businesses

A Trinity pediatrician whose idea of a "concierge" practice faltered in a down economy is the first recipient of a microloan program for small businesses from the Pasco Economic Development Council.

Jay Harvey, who runs Personal Pediatric Care, originally wanted to offer a membership-based practice that would allow people to pay a yearly fee to receive more personalized care. But he closed the practice last June after only a few months because not enough families were willing to pay the higher fees.

"The whole membership thing blew up in my face a little bit," he said. "Essentially I dug myself a hole."

He went to several banks looking for a bridge loan to help pay bills while he rebuilds a traditional practice. He was rejected each time because of a high debt load and tightened lending standards.

His last rejection came from a loan officer who said, "You can go to 10 more banks, and none of them are going to lend you more money."

That banker put him in touch with Hap Fairman, a counselor for the Pasco-Hernando SCORE nonprofit organization that gives advice to small businesses. Fairman mentioned the new microloan program and said Harvey might be an ideal candidate. The program is tailored to small companies that struggle to get traditional bank loans.

The program has $220,000 in startup money, including a $100,000 grant from Pasco County. Other donors include banks, Saint Leo University and Tim Tangredi, CEO of Odessa nanotechnology firm Dais Analytic.

The maximum loan is $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.

Harvey declined to say how much money he received, but said "it's not a huge loan."

"My primary issue was just cash flow," he said, adding his company has three employees and about 900 patients right now. "I'm using it to basically keep the doors open and keep paying the vendors."

The microloan program also offers owners advice and training on how to start or grow a new company. Loans can be used for working capital, inventory and equipment, but cannot be used to buy real estate or refinance existing debt.

Lee Logan can be reached at or (727) 869-6236.


For loan requests — and donations

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. Call (813) 926-0827.

Pasco EDC offers 'microloan' option to some businesses 04/14/12 [Last modified: Saturday, April 14, 2012 1:33pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Heights Public Market to host two Tampa Bay food trucks


    TAMPA — The Heights Public Market announced the first two food trucks for its "rotating stall," which will feature new restaurants every four months. Surf and Turf and Empamamas will be rolled out first.

    Heights Public Market is opening this summer inside the Tampa Armature Works building.
[SKIP O'ROURKE   |   Times file photo]

  2. Author Randy Wayne White could open St. Pete's biggest restaurant on the pier

    Food & Dining

    ST. PETERSBURG — The story begins with Yucatan shrimp.

    St. Petersburg Deputy Mayor Kanika Tomalin, pilot Mark Futch, Boca Grande, St. Petersburg Mayor Rick Kriseman, and author and businessman Randy Wayne White,  Sanibel, exit a Maule Super Rocket seaplane after taking a fight around Tampa Bay off the St. Petersburg waterfront, 6/28/17.  White and his business partners are in negotiations with the City of St. Petersburg to build a fourth Doc Ford's Rum Bar & Grille on the approach to the St. Petersburg Pier with a second event space on the pier according to White. The group met near Spa Beach after a ground breaking ceremony for the new pier. "We want to have our business open by the time the pier opens," said White. Other Dr. Ford restaurants are located on Sanibel, Captiva and Ft. Myers Beach. SCOTT KEELER   |   Times
  3. Guilty plea for WellCare Health Plans former counsel Thaddeus Bereday


    Former WellCare Health Plans general counsel Thaddeus M.S. Bereday pleaded guilty to one count of making a false statement to the Florida Medicaid program, and faces a maximum penalty of five years in federal prison. A sentencing date has not yet been set, acting U.S. Attorney W. Stephen Muldrow of the Middle District …

    WellCare Health Plans former general counsel Thaddeus M.S. Bereday, pleaded guilty to one count of making a false statement to the Florida Medicaid program, and faces a maximum penalty of five years in federal prison. A sentencing date has not yet been set, acting U.S. Attorney W. Stephen Muldrow of the Middle District of Florida stated Wednesday. [LinkedIn handout]
  4. DOT shows alternatives to former Tampa Bay Express toll lanes


    TAMPA — State transportation officials are evaluating at least a half-dozen alternatives to the controversial Tampa Bay interstate plan that they will workshop with the community for the next 18 months.

    Florida Department of Transportation consultant Brad Flom explains potential alternatives to adding toll lanes to Interstate 275 during a meeting Wednesday at DOT's Tampa office. Flom presented seven diagrams, all of which swapped toll lanes for transit, such as light rail or express bus, in the I-275 corridor from downtown Tampa to Bearss Ave. [CAITLIN JOHNSTON | Times]
  5. Claim: State pressured CFO, used secret recordings to shut down Universal Health Care


    ST. PETERSBURG — The founder of St. Petersburg's Universal Health Care alleges that Florida regulators conspired with the company's chief financial officer to drive the once high-flying Medicare insurer out of business.

    Federal agents raided the headquarters of Universal Health Care in 2013, ordering employees to leave the building. The insolvent St. Petersburg Medicare insurer was then in the process of being liquidated by state regulators.
[DIRK SHADD   |   Times file photo]