ALTAMONTE SPRINGS, FL. --- Mercantile Capital Corporation, which already ranks as one of the largest providers of U.S. Small Business Administration (SBA) 504 financing for small business owners who want to acquire or develop their own facilities, could see its loan volume double thanks to new SBA rules that allow SBA 504 financing to refinance current conventionally-financed loans and provide working capital.
“I don’t have to tell you how big a deal this is for a vast number of small business owners,” said Christopher G. Hurn (top right photo), co-founder and chief executive officer of Mercantile Capital Corporation. “This is what some people might call a ‘game changer.’”
Hurn, who has actively advocated for these SBA changes for nearly eight years, said the new lending rules should have a major impact on small business growth and development.
“When thousands of small business owners across this nation are struggling with high interest rates on loans for commercial buildings and an inability to finance additional working capital, this is phenomenal,” Hurn said.
SBA 504 loans offer qualified small business owners below-market interest rates and up to 90 percent financing, considerably better terms than offered by commercial banks. Additionally, the SBA 504 loan program is considered a “zero-subsidy” government program whereby borrower fees “insure” the government guarantee on a portion of the loans.
Legislation enabling the new rules was part of the Obama Administration’s Small Business Jobs and Credit Act passed in late 2010, but the SBA only promulgated rules allowing financing of legitimate business expenses this week, Hurn said.
Mercantile Capital Corp. Provides Commercial Real Estate Loan in Clermont Worth over $2.3 Million
ALTAMONTE SPRINGS, FL. – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for Florida Fast Lubes, Inc. d/b/a Valvoline Instant Oil Change, recently for $2,395,000 in total project costs.
In 2003 Bob Ladas opened his first quick oil change automotive service facility in Massachusetts. Currently Ladas owns and operates 11 Valvoline Instant Oil Change locations, including several in Florida. Valvoline Instant Oil Change centers offer a full array of preventative services to help keep cars running at a peak performance.
“Mercantile Capital Corporation made the loan process effortless, and I look forward to possibly working with them again in the future,” said Ladas.
The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, have an opportunity to create wealth and financial freedom. Their specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers to own their commercial property with the highest cash-on-cash return financing available, without tying up capital so they can grow even faster.
Mercantile Capital Corp. to Host Free Webinar on SBA 504 Loan’s New Focus on Refinancing, Operating Capital
ORLANDO, FL --- Mercantile Capital Corporation, which ranks as one of the nation’s most active providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, will host a free webinar on Tuesday, Nov. 1, to explain new rules expanding the SBA 504 loan program.
Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation, said new SBA 504 rules permit use of SBA 504 funds to refinance commercial property loans at below-market interest rates over fixed 20-year terms with as little as 10 percent down.
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