|By PR Newswire||
|January 15, 2014 11:15 AM EST||
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.
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.
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.
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
Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure through automation. Ayehu solutions have been deployed by major enterprises worldwide, and currently, support thousands of IT processes across the globe. The company has offices in New York, California, and Isr...
Feb. 27, 2017 10:45 PM EST Reads: 756
Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said "No to LUNs." With Tintri they manage only virtual machines, in a fraction of the footprint and at far lower cost than conventional storage. Tintri offers the choice of all-flash or hybrid-flash platform, converged or stand-alone structure and any hypervisor. Rather than obsess with storage, leaders focus on the business app...
Feb. 27, 2017 10:15 PM EST Reads: 625
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
Feb. 27, 2017 10:00 PM EST Reads: 1,288
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Feb. 27, 2017 09:15 PM EST Reads: 4,169
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Feb. 27, 2017 08:30 PM EST Reads: 846
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Feb. 27, 2017 08:00 PM EST Reads: 7,960
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Feb. 27, 2017 07:45 PM EST Reads: 7,371
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Feb. 27, 2017 07:45 PM EST Reads: 1,616
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Feb. 27, 2017 07:30 PM EST Reads: 2,260
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
Feb. 27, 2017 07:15 PM EST Reads: 1,980
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Feb. 27, 2017 07:00 PM EST Reads: 2,600
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
Feb. 27, 2017 07:00 PM EST Reads: 2,206
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Feb. 27, 2017 06:45 PM EST Reads: 2,256
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Feb. 27, 2017 06:30 PM EST Reads: 2,139
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Feb. 27, 2017 06:15 PM EST Reads: 528