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Wells Fargo

Small-business loans surging in Florida

Small-business loans surging in Florida

Rising confidence among small-business owners has led to a surge in borrowing. Statewide, the most popular Small Business Administration loan is running 38 percent ahead of last year — $854 million vs. $620 million for October through May, according to data from the federal agency. That's almost double the nation's growth rate for the 7(a) loan, which requires lower down payments and less documentation, and can provide more years to repay than conventional loans. The trend is especially strong in the SBA's South Florida sector, which includes Broward, Palm Beach and Miami-Dade counties, bankers say. In Pembroke Pines, Nakia Ingraham just obtained an SBA loan...