Small Business Finance News
Dade County In Florida Gets $8.8 Million For Small Business Loans
Written by Jenna Weiner
Published: 7/21/2011
Miami-based entrepreneurs get a boost from $8.8 million in federal funded loans to area small businesses.
According to Tampa Bay Online, Florida Traditions Bank will receive $8.8 million in federal funding to lend to local small businesses, which is positive news for small businesses in the Miami area.
The money was available from the Small Business Jobs Act signed by President Barack Obama last year, according to the news source. The act money is available to businesses to encourage them to increase small business lending.
"Hopefully, it will allow business people to borrow more money, and create more jobs, and spur the economy," said Bud Stalnaker, president of the Florida Traditions Bank, according to the news source.
Not everyone believes the act will be a success, however. A post on CNNMoney's website by writer Catherine Clifford said "throwing money at a problem doesn't always work."
The $30 billion set aside for small businesses is supposed to provide funding to banks with less than $10 billion in assets in order for them to give loans to small businesses. But, even if every loan is approved, only $11.8 billion will go out, she said. She writes that slightly more than 13 percent of the 7,000 small banks participated in the program.
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