Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation in Orlando, said SBA’s 504 loan program offers record below-market, fixed interest rates; up to 90-percent loan-to-cost financing; and 20-year terms for projects up to $15 million for small business owners who want to acquire or develop their own facilities.
SBA loan proceeds can be used for a variety of expenses besides development or acquisitions, Hurn said.
“Eligible uses for SBA 504 financing include commercial property remodeling; conversions;
As traditional lenders have yet to loosen their purse strings, Hurn said SBA 504 lending ranks as perhaps the nation’s most effective stimulus for economic recovery.
“Small business entrepreneurs all across the nation are using 504 loans to expand their operations, create jobs, and grow their businesses,”
Led by Hurn and chairman Geof Longstaff, Mercantile Capital Corporation is a three-time member of Inc. magazine’s Inc. 500|5000 list of the fastest-growing private companies in the U.S. and ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans, also known as SmartChoice Commercial Loans.
In the first 10 months of this year, Mercantile announced it closed 85 commercial loans to finance projects totaling $364 million in total project costs. By the end of the year the company’s loan volume could reach $450 million.
Hurn, named a Top 100 Small Business Influence Champion for 2012, recently published his first book, The Entrepreneurs Secret to Creating Wealth: How the Smartest Business Owners Build Their Fortunes, which has become an Amazon.com bestseller.
For more information, visit http://www.504Experts.com and http://www.504Blog.com.