Bank of America Reaches Out to Micro Businesses in Need of Financing in Pasco County

In today’s difficult economy, Bank of America answers the call to help Pasco County’s new and emerging small businesses expand and create jobs, by donating $10,000 to Pasco Economic Development Council’s new microloan fund.

“Our goal is to help stimulate small business development in Pasco County with this loan program,” said Edward Spenceley, SVP, Senior Client Management at Bank of America. “Most jobs historically are created by our small businesses, and we want to be a catalyst to expanding these businesses and job growth in Pasco County.”

Spenceley serves on Pasco EDC’s Growth Task Force that is working on the microloan project, and they are well on their way to meeting their goal of raising $250,000. “Bank of America’s donation is a great help toward reaching our final goal,” said John Hagen, Pasco EDC President/CEO. Pasco EDC pitched in $50,000 to start, followed by $100,000 from the Pasco County Board of County Commissioners.

However, the new microloan program is about more than just money. Spenceley commented, “It is a good blend of financial support and experience from bankers, SCORE and SBDC (Small Business Development Center) counselors to make the businesses and the program successful and beneficial to the county as a whole.”  The microloan program also includes training to help small business owners increase their prospects for success.

“We are ecstatic that Bank of America is supporting the program,” says Hagen, who is actively looking for community leaders and businesses who want to pitch in to build the fund.  Pasco EDC anticipates receiving Commissioners’ approval on the fund’s lending policies in February, and according to Hagen, “We expect to be funding projects no later than March 1.”

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