Pasco Microloan Program
Pasco Microloan Program
The Office of Economic Growth and the Pasco Economic Development Council established a community based microloan fund that acts as a loan source for credit worthy Pasco County small businesses. The microloan fund helps to create a stronger economy, job opportunities and provide entrepreneurial education in our community. It will also help certain types of disadvantaged businesses who often have difficulties accessing credit, such as women-, minority-, veteran- and disabled-business owners.
About Microloans: Loan applicants will apply by completing a loan application, blank copies of which may be requested through Pasco EDC.
Information about the program and application process, including assistance completing the application, will be available through the Pasco EDC, Service Corp of Retire Executives (SCORE), Small Business Development Center (SBDC), Pasco Enterprise Network (PEN) and others. All documents shall be submitted as a single package to Pasco EDC staff for loan committee scheduling.
Note: Loan amount not to exceed $35,000.00 and it will be a term loan up to 6 years. 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.
Who can apply? Any business that is headquartered or plans to be headquartered in Pasco County.
Downloadable Microloan Application: Pasco Microloan Application (PDF)
For more information, contact Tari Mitchell at 727.478.0670.
Florida's Microfinance Programs
The Florida Microfinance Act provides Entrepreneurs and Small Businesses in Florida access to credit. The Microfinance Program is administered by the State of Florida and consists of two programs: a Loan Program and a Guarantee Program.
The Department of Economic Opportunity (DEO) will competitively award funds to no more than three eligible Loan Administrators who will in-turn provide a 1:1 match to make short-term, Microloans of up to $50,000 to Entrepreneurs and Small Businesses. The Borrower(s) must participate in Business Training and Technical Assistance provided by the Florida Small Business Development Network.
Enterprise Florida, Inc., (EFI) will utilize state funds to guarantee loans made by private lenders to Entrepreneurs and Small Businesses in Florida. Loan guarantees may only be provided on loans between $50,000 and $250,000, and a guarantee cannot exceed 50 percent of the total loan amount.
Under both programs, eligibility is limited to borrowers who are Entrepreneurs or Small Businesses with 25 or fewer employees and gross annual revenues of up to $1.5 million.
For more information, visit Florida's Department of Economic Opportunity.
If you have any questions regarding either Loan Program please email Garry Thomas or call (850) 717-8479.