Mercantile Capital Corporation Reports $57 Million in Small Business Loans During Third Quarter
In the third quarter of 2013, Mercantile Capital Corporation provided financing for 10 small business commercial real estate projects totaling $57 million in total project costs. These small businesses are spread across five states - California, Florida, Hawaii, Maryland, and Texas - and include four hotels and six construction projects.
- (1888PressRelease) October 29, 2013 - ORLANDO, FL - Mercantile Capital Corporation today announced that it provided financing for 10 small business commercial real estate projects in the third quarter totaling $57 million in total project costs. These small businesses are spread across five states - California, Florida, Hawaii, Maryland, and Texas - and include four hotels and six construction projects.
For more than a decade, Mercantile has specialized in commercial real estate financing for small business owners via the U.S. Small Business Administration 504 loan program. Despite the sluggish economic recovery and recent government shutdown, the company continues to prove it is possible for small business owners to get funding to expand and grow their businesses.
"It's essentially the same principle as home ownership for individuals," said Chris Hurn, CEO and Cofounder of Mercantile. "We help small business owners own their commercial facilities because it gives them more control over their real estate expenses, and we do it with the SBA 504 loan program because it's the smartest option for the majority of business owners who decide to own instead of rent." With commercial real estate still reasonably priced and interest rates near all-time lows, this is a great wealth-creation strategy for America's small business owners, according to Hurn
Job Creation
In addition to helping these small businesses acquire, construct, or renovate their commercial facilities, the financing provided by Mercantile in the third quarter has helped create and retain 380 permanent jobs. Year-to-date, the company has closed loans worth more than $151.65 million in total project costs, and has contributed directly to the creation and retention of 887 jobs.
SBA Shutdown
The recent government shutdown caused headaches for small business lenders because SBA employees were furloughed and no new SBA authorizations were issued for 16 days. This created a backlog of approvals that delayed a number of small business loans and projects, but Hurn isn't concerned. "Because we specialize in SBA 504 loans, we're highly confident that our clients' loans will be approved and closed efficiently so they can stay on schedule and their business activities won't be interrupted," he said. Mercantile expects to end the year with closed loans worth more than $200 million.
About Mercantile
Mercantile Capital Corporation, a 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. Since 2002, Mercantile has closed 501 loans to fund projects worth more than $1.32 billion in 38 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 9,001 permanent jobs since 2002.
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