Mercantile Capital Corporation Reports Busiest Month Ever in February, March Shaping Up to Smash Another Record

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Mercantile Capital Corporation, which specializes in U.S. SBA 504 loans to small business owners who want to acquire or develop their own facilities, reports it closed a record volume of loans in February.

“We are seeing a marked increase in loan inquires, as more business owners project growth in the coming year and want to purchase still-discounted real estate, before values increase from here,” Longstaff said.

Mercantile Capital Corporation, which specializes in U.S. Small Business Administration (SBA) 504 loans to small business owners who want to acquire or develop their own facilities, reports it closed a record volume of loans in February.

Chris Hurn, chief executive officer of Mercantile Capital Corporation, said the firm closed 11 new loans to finance projects valued at $31.2 million in six states: Florida, North Carolina, Texas, Illinois, California and Colorado.

Hurn said the largest single loan during the month will finance the $9.5 million acquisition of a hotel in Aberdeen, N.C.

Geof Longstaff, chairman of Mercantile Capital Corporation, said the surge in new business can be attributed to improved economic conditions and further awareness of Mercantile’s specialty: the SBA 504 loan program.

“We are seeing a marked increase in loan inquires, as more business owners project growth in the coming year and want to purchase still-discounted real estate, before values increase from here,” Longstaff said.

Hurn said loan applications in various stages of approval point to an equally strong volume in March.

“We may very well break another record for us in March,” Hurn said.

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