Financial Services
Industrial Development Revenue Bonds (IRB)
IRB's are securities issued by Pasco County for the purpose of purchasing land and/or buildings, the construction of buildings, and equipping them for use by private industry. Under Florida law, the bond proceeds are then loaned by the agency to the qualifying project, which is responsible for making the payments necessary to retire the bonds.
Florida statutes describe qualified IDB projects as "industrial or manufacturing plants." In interpreting the term "industrial plant", the statutes include an industrial distribution center; repair, overhaul or service facility; test facility; pollution control facility and other facilities... "handling any products or commodities embraced in any industrial or manufacturing plant...and appurtenances and facilities incidental thereto." IRB's range from $2.5 million to $10 million. Contact the PEDC, (813) 926-0827 or (888) 60-PASCO.
Guidelines
Questionnaire
Enterprise Bonds (State Program)
Through this program companies can qualify for long term, below market rate loans of $500,000 - $2,000,000 for the acquisition of fixed assets. Enterprise Bonds are issued by the Florida Development Finance Corporation, which is an affiliate of Enterprise Florida. Companies must be a qualified manufacturer located in Florida and meet certain capital expenditure requirements and be credit worthy.
Enterprise Florida
Florida Development Finance Corporation
390 North Orange Ave., Suite 1300
Orlando, FL. 32801
Phone: (407) 316-4646
Fax: (407) 316-4680
Web Site: www.eflorida.com
Small Business Administration (SBA)
SBA 504 Loan Program
Provides long-term, fixed-rate financing for major fixed assets, such as land and buildings. Typically, 10% of the loan proceeds are provided by the borrower, 50% by a conventional bank loan, and 40% an SBA-guaranteed debenture. The maximum SBA debenture is $1 million.
7(a) Loan Guaranty Program
Provides short- and long-term loans to eligible, credit-worthy start-up and existing small businesses that cannot obtain financing on reasonable terms through normal lending channels. The SBA provides financial assistance through its participating lenders in the form of loan guarantees, not direct loans. Loans under the program are available for most business purposes, including purchasing real estate, machinery, equipment, and inventory, or for working capital. The SBA can guarantee a maximum of $1 million under the 7(a) program.
North Florida District Office
7825 Baymeadows Way, Suite 100B
Jacksonville, FL 32256-7504
Phone: (904) 443-1900
Web site: www.sba.gov
United States Department of Agriculture (USDA)
Business and Industry Direct Loans (B&I)
The B&I Direct Loan Program provides loans to public entities and private parties that cannot obtain credit from other sources. Loans to private parties can be made for improving, developing, or financing business and industry, creating jobs, and improving the economic and environmental climate in rural communities. This assistance is available in rural areas, including, all areas, other than cities or unincorporated areas of more than 50,000 people, and the immediately adjacent urban or urbanizing areas. The maximum aggregate B&I Direct Loan amount to any one borrower is $10 million.
Business and Industry Guaranteed Loans (B&I)
The B&I Guaranteed Loan Program helps create jobs and stimulates rural economies by providing financial backing for rural businesses. This program provides guarantees of up to 90% of a loan made by a commercial lender. Loan proceeds may be used for working capital, machinery and equipment, buildings and real estate, and certain types of debt refinancing. The maximum aggregate B&I Guaranteed Loan(s) amount that can be offered to any one borrower under this program is $25 million.
San Antonio Service Center
30407 Commerce Drive
San Antonio, FL 33576-8003
Phone: (352) 588-5211
Web site: www.usda.gov
Local Financial Representatives
Conventional bank financing is available from the community financial institutions located throughout Pasco County. The following are PEDC investors:
Bank of America (727) 847-7022
BB&T (727) 791-4165
Popular Small Business Capital (813) 973-1336
CenterState Bank (813)783-8122
Colonial Bank (813) 314-5295
First National Bank of Pasco (352) 521-0141
Florida Traditions Bank (352) 518-1502
Heritage Bank of Florida (813) 909-8663
Mercantile Bank (727) 845-7269
Old Harbor Bank (727) 494-2004
Patriot Bank (727) 376-1776
Regions (813) 948-1202
Republic Bank (727) 853-0742
San Antonio Citizens Federal Credit Union (352) 588-2732
SunTrust Bank (727) 816-1000
Wachovia (352) 521-6223
Local SBA Lenders
Access to local SBA loans can be obtained through the following PEDC investors:
Florida First Capital Finance Corporation, (888) 320-5504, www.ffcfc.com
GulfCoast Business Finance, Inc., (727) 895-2504, www.gulfcoastcdc.com