Wells Fargo Donates $10,000 to Microloan Fund to Help Pasco County Small Businesses

February 8, 2012

Pasco County, Florida — Pasco Economic Development Council, Inc. is pleased to announce that Wells Fargo Bank has donated $10,000 to Pasco EDC’s new microloan fund to help local entrepreneurs and small businesses.

Wells Fargo, a long-time investor in the Pasco Economic Development Council, is excited about this new opportunity to help local small businesses succeed. The microloan program will lend money to small businesses located in Pasco County, and offer entrepreneurs free technical assistance to help work through challenges they may face in starting or growing a new business. “In keeping with Wells Fargo’s long-standing commitment to the community, we are pleased to partner with Pasco Economic Development Council in support of its microloan fund,” said Angel Buchanan, Community Bank President for West Central Florida. “Our investment will help provide the assistance needed for local entrepreneurs to succeed and help promote economic development in Pasco County.” The goal of Pasco EDC’s Growth Task Force is to raise $250,000 to help Pasco County’s new and emerging small businesses expand and create jobs. In addition to helping finance business ideas, the program will include training to help small business owners increase their prospects for success. “Two big reasons for small business failures are lack of money and limited business experience.  Our program addresses both these challenges,” said John Hagen, Pasco EDC President/CEO. “We are very appreciative that Wells Fargo has stepped forward to support the program.  He added that the Pasco EDC is actively looking for community leaders and businesses who want to pitch in to build the fund, but “we are very confident that the rest of the money needed to capitalize the program will be forthcoming shortly.” Pasco EDC has committed $50,000 and the Pasco County Board of County Commissioners has allocated $100,000.  Pasco EDC anticipates receiving Commissioners’ approval on the fund’s lending policies in February.  “We expect to be funding projects no later than March 1,” Hagen said.  Loans will be capped at $35,000 with most being in the $5,000 to $10,000 range, he noted. 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 a donation to the fund.