Small Business
Florida Businesses Get Lending Boost
A group of Florida banks has increased lending to small businesses by $250 million.
Oct. 11, 2012
While the funding opportunities still seem limited for many small businesses across the U.S., there’s some good news for those in Florida.
Seventeen Florida banks have increased lending to small businesses by $250.8 million. They received backing from the Small Business Lending Fund.
The financial institutions loaned a combined $1.44 billion to small businesses as of June 30. That number is 21 percent more than the baseline established by the U.S. Department of the Treasury for measuring the impact of the lending fund.
As for lending across the US, a report from the Treasury noted $6.7 billion increase in small business lending over the baseline.
The Small Business Lending Fund was established as part of the Small Business Jobs Act signed into law of 2010. Since then, the Treasury Department has invested more than $4 billion in 332 financial institutions through the fund.