Orlando Executive to Testify Before Senate Committee on the SBA 504 Loan Program for Small Business
Christopher G. Hurn, CEO of Mercantile Capital Corporation in downtown Orlando, will testify before the Senate Committee on Small Business and Entrepreneurship Thursday in Room 428A of the Russell Senate Office Building.
- Orlando, FL (1888PressRelease) March 29, 2012 - Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation in downtown Orlando, will testify before the Senate Committee on Small Business and Entrepreneurship Thursday in Room 428A of the Russell Senate Office Building. Hurn was asked to appear at 10 a.m.
Committee Chair Sen. Mary L. Landrieu, D-Louisiana, and Ranking Committee Member Sen. Olympia J. Snowe, R-Maine, asked Hurn to appear before the committee to speak about the FY 2013 Small business Administration budget and the success of its 504 loan program for small business owners who want to own or develop their own facilities.
Hurn, CEO of Mercantile Capital Corporation, is one of the nation's foremost experts on the SBA 504 loan program.
Mercantile, which launched nine years ago, ranks as one of the nation's leading providers of 504 loans.
Last year, Hurn's company closed small business loans worth more than $174.4 million in total project costs and helped create or retain 1,132 jobs. Since its inception, Mercantile has closed small business loans worth more than $795.2 million in total project costs and has helped create or retain 5,444 jobs.
Hurn said he plans to tell the committee it should work to extend the temporary SBA 504 Refi program as well as the temporary secondary market program for 504 first liens, the First Mortgage Lien Pooling (FMLP) program.
"The SBA 504 loan program was developed to stimulate small business growth and create and retain jobs," Hurn said.
"The 504 program is historically one of the nation's most effective economic development programs and one of our best job creation tools," he said.
Recent changes in SBA rules now allow SBA 504 financing for a wider range of business expenses, including the refinancing of current commercial mortgages for owner-occupied commercial real estate. This refinance option, however, is temporary and set to expire in late September 2012.
For more information, visit http://www.504Experts.com or http://www.504Blog.com.
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