Paragon Foundation Receives $1,000,000 as a SBA Intermediary to Fund the Growth and Acceleration of Local Businesses
|Published Tuesday, November 27, 2012 7:00 am|
The Paragon Foundation of Palm Beach County, Inc. is poised to
introduce a U.S. Small Business Administration lending program targeted at startups, newly established, and
growing businesses. The SBA awarded the Paragon Foundation $1 million under the Intermediary Lending Pilot
(ILP) Program to create a new Venture Loan Fund that will allow the Paragon Foundation to make direct loans of
up to $200,000 to qualified businesses.
Designed to expand access to capital for small businesses and drive economic growth and job creation, the
Intermediary Lending Pilot Program was launched last year under the Small Business Jobs Act of 2010. In
partnering with the Paragon Foundation, the SBA increases its points of access to capital for startups and
businesses in our area that have been disproportionally affected by the recession, said Pamela Stewart,
President and CEO of the Paragon Foundation. When these small businesses experience success and growth,
their impact to the local economy grows beyond neighborhoods to impact the region.
The Paragon Foundation officially launched the program in October and has hired full time staff to underwrite
the loans made under the program. The loan funds may be used for real estate, renovations, equipment,
inventory and working capital and are limited to borrowers who are unable to obtain reasonable credit
elsewhere. For more information on the Venture Loan Fund, please contact: Paragon Foundation, Tim
Thompson, Business Development Manager, 228‐6146 or .
The Intermediary Relending Pilot Program of the U.S. Small Business Administration was created by the Small
Business Jobs Act of 2010 (Section 1131) and established a three year pilot program to provide direct loans of $1
million to twenty (20) eligible non‐profit intermediaries for the purpose of making loans of up to $200,000.
Congress provided $20 million in funding for the ILP Program in 2011 and 2012.
The Paragon Foundation, established in 2006, is a certified Community Development Financial Institution and a
relending intermediary of the U.S. Small Business Administration. Paragons mission is to support the growth
and prosperity of startup, emerging, and mature businesses in Palm Beach County; including participation in the
biotech sector and urban redevelopment. Paragon commenced operations in July 2008 and provides small
business loans, economic development grants and entrepreneurial scholarships. For additional information, visit
Paragon online at www.paragonpbc.org or call 228‐6146.
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