Saint Leo Makes Donation to Microloan Fund

February 23, 2012

Microloan

Saint Leo University has made a $25,000 donation to the Pasco (Fla.) Economic Development Council, Inc. to help to assist the council in raising a total of $220,000 for a new microloan fund program.

The Pasco Economic Development Council fosters diverse economic growth in Pasco County, the home of Saint Leo’s University Campus.

“The Pasco EDC is a valuable partner with Saint Leo University and the Donald R. Tapia School of Business. The council has worked closely with our business students, faculty and staff in helping companies grow,” said Dr. Michael Nastanski, dean of the Donald R. Tapia School of Business at Saint Leo University.

Dr. Nastanski added that the Donald R. Tapia School of Business is committed to a long and prosperous relationship with Pasco EDC. In addition to the $25,000 donation, Saint Leo University will share its faculty and students to help evaluate projects and provide technical assistance to successful applicants.

"Saint Leo's donation to the fund has put us over the top," said John Hagen, Pasco EDC president and chief executive officer. "We said we would go when we received commitments for at least $200,000. We couldn’t be more thrilled to partner with Saint Leo's award-winning faculty and outstanding business students to make a difference for small businesses in our community."

The microloan program will not only lend money to small businesses located in Pasco County, but will offer free technical assistance and training to help work through the challenges of starting or growing a new business.

Loan 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.

For more information, or to consider donating to the fund, call the Pasco EDC at (813) 926-0827.