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If that were the case, wouldn't that mean that the moment a black hole is formed, it would never become any larger? How have super-massive black holes formed in less than 14 billion years?

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This is a very interesting question and I'm unaware of a definite answer.

The answer is both simple and controversial: They have not. Black holes do not exist because they take an infinite amount of time to form. See the thread elsewhere on this page.

You're making some awfully assertive statements for not having proved your case. Dismissal of all answers as "hand-wavy" does not actually make your non-argument more compelling.

The concept is known as "eternally collapsing objects", and has survived peer review just as much as any other concept discussed here.

http://en.wikipedia.org/wiki/Magnetospheric_eternally_collap...

This is actually something that is verifiable, given time, since traditional black holes may not sustain their own magnetic field, but MECOs can.

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