Welcome!

News Feed Item

$223.504 Million for Small Businesses in 2013

Mercantile Capital Corporation helps create and retain 1,432 jobs by providing SBA 504 loans to small businesses in 12 states

ORLANDO, Fla., Jan. 15, 2014 /PRNewswire-iReach/ -- Mercantile Capital Corporation, which ranks as one of the leading providers of owner-user commercial real estate financing for small business owners via the U.S. Small Business Administration (SBA) 504 loan program, announced today that it finished 2013 with closed loans worth more than $223.504 million in total project costs.

(Photo: http://photos.prnewswire.com/prnh/20140115/MN46635)

Chris Hurn, CEO of Mercantile, said that 2013 was the second most productive year in the company's history. "Even without the SBA 504 refinance or FMLP programs, our loan volume for 2013 was up 77.3% over our 10-year annual average," said Hurn. "It's clear there's demand from small business owners for this type of financing for growth and expansion."

The largest single loan for Mercantile in 2013 was for a $25.8 million hotel acquisition and construction project in Oklahoma. With flagged hotels accounting for nearly half of its 2013 loan volume, the company has become a go-to source of financing for this property type.

Geof Longstaff, Mercantile's Chairman, said that construction projects also contributed to the company's success in 2013. "We closed almost as many construction projects as we did acquisition projects last year," said Longstaff. "We were limited by legal lending limits in the amount of construction lending we could do; otherwise we likely would have taken on more small business construction projects." Both Longstaff and Hurn cite the demand for construction financing as a sign that the small business sector is gaining more confidence as the economy continues to recover from the Great Recession.

About the SBA 504 Loan Program

The SBA 504 loan program allows small business owners to finance fixed assets (commercial real estate and equipment) with long-term, below-market, fixed interest rates. These loans are designed to finance the total project cost, including purchase price, construction/renovations, equipment, soft costs, and closing costs. A typical 504 project requires only 10 percent equity (down payment) from the small business borrower, with the remaining amount split between a first mortgage provided by a commercial lender and a second mortgage provided by a Certified Development Company (CDC). The program is self-funded and historically has been operated at a zero-subsidy status.

About Mercantile

Mercantile Capital Corporation, a wholly-owned subsidiary of Old Florida National Bank, is one of the nation's leading providers of commercial real estate financing for small business owners via the SBA 504 loan program. As of December 31, 2013, Mercantile has closed 514 loans to fund projects worth more than $1.39 billion in 39 states, Puerto Rico, and the District of Columbia. A primary aim of the SBA 504 loan program is job creation and retention, and the company's lending activity has helped create and retain a total of 9,403 permanent jobs since 2003. An industry leader for more than a decade, Mercantile has been on the forefront of efforts to grow the SBA 504 program by making it more widely known and available to small business owners.

For more information, visit www.504Experts.comand www.504Blog.com. For media requests and questions, contact Chris Hurn, CEO of Mercantile Capital Corporation, at 407-786-5040 or [email protected]

Media Contact: Chris Hurn, Mercantile Capital Corporation, 407-786-5040, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Mercantile Capital Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
As enterprise cloud becomes the norm, businesses and government programs must address compounded regulatory compliance related to data privacy and information protection. The most recent, Controlled Unclassified Information and the EU’s GDPR have board level implications and companies still struggle with demonstrating due diligence. Developers and DevOps leaders, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by in...
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained Michael Fuhrman, Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.