MIAMI – The U.S. Small Business Administration is helping small business startups, newly established and growing small businesses with a new source of financing in South Florida by recently selecting Paragon Foundation and the Tampa Bay Economic Development Corp. (TEDCO) into its Intermediary Lending Program.
SBA made available $1 million to both the Paragon Foundation and TEDCO under SBA’s Intermediary Lending Pilot (ILP) Program to provide direct loans of up to $200,000 to qualified businesses.
“The ILP funding program provides another avenue for South Florida small businesses to get the financing they need to grow, succeed and create jobs in the community,” said South Florida SBA District Director Francisco “Pancho” Marrero. “We are pleased to be partnering with the Paragon Foundation and TEDCO in our efforts to provide financing across the broad spectrum of small business need.”
SBA’s ILP program was created by the Small Business Jobs Act of 2010. The three-year pilot program provides direct loans to eligible, non-profit intermediaries for the purpose of making small business loans of up to $200,000. ILP seeks to bridge small business financing gaps such as: limited availability of commercial loans of less than $200,000; borrowers with declining collateral values, lower credit scores due to the economic downturn; commercial lenders with less funding available for loans and lower tolerance for risk leading to tighter underwriting standards; and for certain populations who remain underserved.
The Paragon Foundation can be reached at (561) 228‐6146 or online at: http://www.paragonpbc.org/.
TEDCO can be reached at (813) 831-8600 or online at: http://www.tedcoloans.com/