The SBA 504 loan program is one of the most effective economic development and job creation programs the U.S. government has to its credit.
Orlando, Florida (PRWEB) July 17, 2012
Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans to small business owners who want to acquire or develop their own facilities, closed 14 commercial property loans in June to finance projects valued at more than $66 million.
Chris Hurn, chief executive officer of Mercantile Capital Corporation, said loan closings in June represent the nine-year-old company’s biggest month ever.
The largest single loan during the month provided refinancing for a Wyndham hotel in Indianapolis, Indiana, with a total project cost of $13.3 million.
Since January, Mercantile Capital Corporation has closed 58 commercial loans to finance projects that total $220.7 million. That’s more than the company closed during all of 2011.
Last year Mercantile closed 57 loans to finance projects valued at more than $174 million in total project costs. Loan volume for the first six months of 2012 is up 240 percent from the same period in 2011, which was a record-breaking year for the company.
Hurn said job creation is one of the principal goals of the SBA 504 loan program. Since Mercantile Capital Corporation opened its doors in 2003, its SBA 504 loans — which are approaching the $1 billion mark — have helped create or retain 6,584 jobs.
“The SBA 504 loan program is one of the most effective economic development and job creation programs the U.S. government has to its credit,” Hurn said.
“We can help small business enterprises grow by helping them take control of their commercial real estate expenses with long-term, below-market, fixed interest rates, and longer terms than are available with ordinary commercial financing right now.” Hurn said.