ORLANDO, FL --- 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 (top right photo) 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 (middle left photo), 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.
For more information about this press release, contact:
Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, ChrisHurn@MercantileCC.com, 407-786-5040
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142
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