Redevelopment Loan Program
Is Your Pasco County Business COVID-19 Ready? Pasco County has the Answer!
As Pasco County businesses begin reopening and adjusting operations to function in the COVID-19 economy, many are struggling with Coronavirus-related capital expenditures with limited financial resources and reduced capital availability through traditional commercial lending. To assist businesses that are economically-impacted by COVID-19, Pasco County is providing local businesses with supplemental financing through no-interest loans to help create/retain jobs or assist with renovations to accommodate for social distancing.
The primary focus will be on COVID-19-required renovations in order to protect your employees and customers. By creating a safer environment, businesses can instill trust and confidence among employees and customers who interact with your facilities.
- Loan Amounts: The maximum loan amount is determined by the project, not to exceed $120,000. For every $60,000 funded, the borrower must create or save one full-time job.
- Loan Term: The loan term will be based on the borrower’s ability to repay, generally 60 months.
- Promissory Note: Prior to receiving program funding, approved loan recipients must execute a Promissory Note with Pasco County.
Eligible funding uses:
- Alterations or modifications that follow the State of Florida guidelines, CDC Safety Measures or GBAC Star Accreditation requirements.
- Repairs and modifications of existing facilities that are capital in nature.
- Making accommodations for vulnerable populations.
- Improve blighted properties to ensure customers feel safe to support a resilient local economy.
- Create new or retain full-time employment opportunities for low- and moderate-income eligible areas negatively affected by the COVID-19 Pandemic.
Who is eligible to apply for the Redevelopment Loan Program?
Registered Businesses, Non-Profit Organizations and property owners with locations in Pasco County are eligible for the loans. Eligible businesses cannot have a delinquent debt to the County and must be current on all permits, licenses, fees and taxes. For each loan, borrowers must make capital improvements to the property, which may include bringing site improvements up to existing code.
What is the process to apply for the Redevelopment Loan Program?
- Submit a Formal Application (Documented ownership of the property or interest in the property if a business has a long-term lease, if written approval for alternations is provided by the property owner of record.)
- Credit Report RLP financing is intended to assist firms with special credit problems, and therefore may involve greater risks and more lenient terms than commercial lenders may provide. It is not intended to match or replace the capacity of banks. Instead, it is designed to fill gaps in local credit markets and provide for and attract capital investments for qualified projects.
- A brief narrative explaining how the project is related to COVID-19.
- Provide Scope of Work to be completed, along with the costs associated with the project.
- Must follow all U.S. Department of Housing and Urban Development (HUD) guidelines including the Davis-Bacon ACT (prevailing wages).
What are the benefits of utilizing the Redevelopment Loan Program Funds for eligible improvements?
- An increase in Property Values
- Reduced Health and Safety Issues
- Maintain a Sustainable Business That Survives in the COVID-19 Economy
- Improved Business Reputation
- Support Neighborhood Growth
- Increased Job Creation Opportunities for area residents
Applications will be received, reviewed and checked for eligibility and then vetted through Pasco County’s Office of Economic Growth.
* Pasco County reserves the right to request and require any further information deemed necessary in order to decide as to whether to approve an application under this program.
Pasco County Office of Economic Growth
West Pasco Government Center
8731 Citizens Drive, New Port Richey, FL 34654
Troy Jackson, Program Manager
727-815-7092, Extension 2350