Florida small businesses reap benefits of community bank loans
The U.S. Treasury reported this week that two Florida-based banks ranked among the nations top ten community banks for small business loans.
Coral Gables-based Marquis Bank quadrupled small business loans by the end of 2013, to $48.6 million. To provide a reference, the bank loaned $11.3 million to small businesses in 2010.
Broward Bank of Commerce of Fort Lauderdale bank gave $53.2 million in small business loans as of December 2013, reported the Sun-Sentinel. Keith Costello, Broward Bank president and CEO, explained that the increase in loans comes as a result of borrowing $3.1 million from the U.S. Small Business Lending Fund.
SBLF provides capital to community banks and community development loan funds with less than $10 billion in assets, in order to bolster small business lending.
The government funds arrived just in time, as the bank desperately needed small business investment capital."We could leverage to make about $30 million in loans, which we have done," Costello told the source.
This trend is welcome news for Florida small businesses, as the loans will provide opportunities for expansion and allow the hiring of new workers. Local government is also hopeful that the new trend will increase Florida's attraction as a destination for small businesses, as they are key to economic growth.
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