Pasco EDC Distributes over $1 Million from Microloan Fund Program Since its Inception
Superior Precast, LLC was recently awarded $35,000 from the Microloan Fund allowing the Pasco EDC to hit milestone
The Pasco EDC’s Microloan Program has proven highly successful in the first five years it has been offered. There have been 38 microloans awarded since the start of the program which has resulted in the creation or retention of 270 jobs in Pasco County. More than half of Americans either own or work for a small business, and they create almost two out of every three new jobs in the U.S. each year. It is a startling statistic which holds true in Pasco County, and a key reason Pasco EDC created the microloan program to help entrepreneurs.
“I cannot express how grateful we are to our investors and to everyone who has donated to the Microloan Program,” shared Bill Cronin, President/CEO, Pasco EDC. “To be able to help small businesses on their journey to success is something we take great pride in; $1,000,000 in awarded funds is truly remarkable.”
Over the last five years, Pasco EDC has raised a total of $724,000 from private donations and the business community to support the fund. 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.
Superior Precast, LLC is a new FDOT project supplier, manufacturing precast concrete products for the Reinforced Earth Company (REC) to be used in the construction of major road projects in Florida. They are located in 62,777 square feet of industrial space in the Dade City Business Center. Their loan for $35,000 will be used towards working capital to support the increase in product demand from REC.
“It is an exciting time for economic development in Pasco County,” said Mike Wells, Chairman, Pasco County Board of County Commissioners (BOCC), and BOCC appointed, board member of the Pasco EDC. “When I see a success story and milestone like this come around, it makes me feel proud of the investments we are making in our community to help our small business.”
Loan applications are accepted from small business owners who run a for-profit company located in Pasco County. Proceeds from the loan 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.
About Pasco Economic Development Council The Pasco Economic Development Council is committed to developing Florida’s most competitive climate for business growth by providing businesses, that seek to start, move, or grow in the North Tampa Bay area, a comprehensive suite of programs that can help them to reach their full economic potential. Since 1987, Pasco EDC has fostered a strong partnership funded by corporate and public investors focused on the economic vitality of Pasco County. Discover more at www.pascoedc.com<http://www.pascoedc.com>.