Tributes to Small business loans
The Pasco County’s economic development director said the best way to make an immediate dent in the country’s double-digit unemployment rate is to focus on growing small businesses. Financial giants Raymond James and T.Rowe Price could bring long-term economic stability to Pasco although it will be years before either company brings new jobs to the area. The Pasco Economic Development Council began helping small-business owners in the county by launching the Pasco Enterprise Network this year. Pasco Enterprise Network is a Web portal offering links and advice for entrepreneurs.
Now, with former county Commissioner Michael Cox the EDC has teamed to develop a small-business microloan program. John Hagan, Economic development director said he wants to create a revolving fund offering loans of up to $35,000 for existing small and new businesses. Hagan said “They might be buying a piece of equipment or looking to hire another employee.” By contributing to the EDC’s loan fund, local banks could fulfill a federal requirement that they invest in their communities.
Cox and Hagan have asked the county to chip in $100,000 for the project and The Pasco EDC has committed $50, 000. Citrus and Hillsborough counties already have microloan programs. Commissioners like the concept and asked Hagan to bring back a more detailed plan in August.
