Wells Fargo Contributes $10,000 to Pasco EDC’s Microloan Fund

August 9, 2017

Loan applications now being accepted from entrepreneurs to launch and grow Pasco County businesses.

PASCO COUNTY, FLORIDA (August 9, 2017) —  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.

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About Pasco Economic Development Council
The Pasco Economic Development Council is committed to developing Florida's most competitive climate for business growth by providing businesses, that seek to start, move, or grow in the North Tampa Bay area, a comprehensive suite of programs that can help them to reach their full economic potential.  Since 1987, Pasco EDC has fostered a strong partnership funded by corporate and public investors focused on the economic vitality of Pasco County.  Discover more at www.pascoedc.com.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $2.0 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,500 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 273,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. The Chronicle of Philanthropy ranked Wells Fargo No. 3 on its most recent list of the top corporate cash philanthropists. In 2016, Wells Fargo donated $281.3 million to 14,900 nonprofits and Wells Fargo team members volunteered 1.73 million hours with 50,000 nonprofits. Wells Fargo’s corporate social responsibility efforts are focused on economic empowerment in underserved communities, environmental sustainability, and advancing diversity and social inclusion. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.