Wells Fargo Donates $20,000 to Support Small Business Growth in Pasco County

December 5, 2018

Pasco EDC Microloan Program assists those who cannot secure traditional financing

PASCO COUNTY, FLORIDA (December 5, 2018) —The Wells Fargo Foundation has made a donation of $20,000 toward the Pasco Economic Development Council, Inc.’s microloan fund to help small business growth in Pasco County.

“Working with small business owners is one of the most important things we do at Wells Fargo,” said Wells Fargo District Manager J. Bradley Smith. “Our communities need small businesses to succeed financially, grow and add jobs. This is why our team partners with organizations like the Pasco Economic Development Council, because of all it does to help more small businesses start, grow and succeed.”

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. This past year, Pasco EDC hit a huge milestone, awarding over $1 million in loans to local businesses. To date there have been 46 microloans awarded to local businesses with an average loan of $29,026.

“These loans are for companies that cannot obtain traditional bank financing and have nowhere else to turn” said Pasco EDC President/CEO Bill Cronin.  “We are proud of our local, hardworking entrepreneurs and we are especially proud of world-class institutions like Wells Fargo that recognize the need and answer to the call”.  Microloan Program 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. Contact the Pasco EDC at 813-926-0827 or visit www.smartstartpasco.com for more information, or to consider donating to the fund.

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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.