Wells Fargo Foundation donates $10k to Pasco EDC Microloan Program
Loan applications now being accepted from entrepreneurs to launch and grow Pasco County businesses
The Wells Fargo Foundation has made a donation of $10,000 toward the Pasco Economic Development Council, Inc.’s microloan fund to help small business growth in Pasco County.
“We are thrilled to be able to support organizations like the Pasco Economic Development Council and their efforts in supporting local small businesses,” said Wells Fargo District Manager Joseph Munier. “A recent Wells Fargo/Gallup Small Business Index survey showed that small business optimism is at its highest point in a decade. We hope the great work of organizations like Pasco Economic Development Council continues to encourage potential small business owners to achieve their goals of owning a small business.”
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.
Over the last year, Pasco EDC has raised a total of $21,000 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.
“The microloan fund is an important part of what we do here at the Pasco EDC. Donations from groups like the Wells Fargo Foundation are crucial for us to be able to help businesses in Pasco County grow and flourish,” said Bill Cronin, President/CEO Pasco EDC.
Loan applications are now being 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.
In less than six years, Pasco EDC’s Microloan Program has proven highly successful. The 33 microloans that have been awarded since the start of the program have resulted in the creation or retention of 180 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 Grow Your Business section of the Pasco EDC website at www.PascoEDC.com.