The Largest Credit Union In Florida Jumps On Board To Help Pasco Businesses

February 28, 2012

Suncoast Schools Federal Credit Union (Suncoast Schools FCU), Florida’s largest credit union, continues its long-time support of small businesses by donating $10,000 to Pasco Economic Development Council’s microloan fund due to launch March 1. There are 26 million small businesses in America today, which are responsible for creating the majority of our nation's new jobs. Unfortunately, the current economy is making it difficult for America’s small businesses to obtain credit. That’s where Pasco EDC decided to step in and help. John Hagen, Pasco EDC President/CEO commented, “There are many people who may be turned down for a loan at a financial institution because their borrowing need is too small or they have limited credit history. Rather than turn away these people, who may have great business ideas, we say, ’send them to us’.” Hagen added, “We may be able to help them get started and create some jobs. Once they launch their business and are commercially viable, we can return them as valuable customers to the lender that referred them.”

The microloan program will lend money to small businesses located in Pasco County and offer entrepreneurs free technical assistance and training to help work through challenges they may face in starting or growing a new business. “We are happy to support Pasco EDC’s microloan fund,” says Melva McKay-Bass, SVP of Member Operations, Suncoast Schools FCU. “This offers us an opportunity to help those people who have a great business plan, but little or no credit, and at the same time assist in the creation of more jobs for the Tampa Bay area. Moreover, this partnership provides an avenue for us to continue to cultivate relationships with our business members and provide additional access to resources and services. Loan applicants must be for-profit companies located in Pasco County, and borrowers must show they have the experience and resources to be successful business operators. 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. Please call the Pasco EDC at 813-926-0827 for more information or to consider donating to the fund.