FOR IMMEDIATE RELEASE
ORLANDO, Fla. (July 30, 2013) — Mercantile Capital Corporation, which ranks as one of the leading providers of owner-user commercial real estate financing for small business owners via the U.S. Small Business Administration 504 loan program, announced today that it closed 23 commercial loans in the first six months of 2013 to finance more than $91.5 million in total project costs.
Geof Longstaff, Chairman of Mercantile Capital Corporation, said these small business loans have created and retained 623 jobs for small businesses located in eight different states. “Though we’re not on pace to match our all-time-high 2012 numbers, I’m proud to report that we are up 41% over our 2011 loan volume, which was our previous record,” said Longstaff.
The company’s record-setting performance in 2012 was fueled primarily by the SBA 504 Refinance and First Mortgage Lien Pooling programs, which expired in September 2012. “It’s good news for the small business sector that we’re doing so well even without those two programs,” Longstaff added. Bills that would reinstate these programs were introduced in Congress earlier this year.
Since opening in 2002, Mercantile has provided 490 loans to finance commercial real estate projects worth more than $1.26 billion in total project costs for small businesses in 37 states, Puerto Rico, and the District of Columbia. A primary aim of the SBA 504 loan program is job creation and retention, and the firm’s lending activity has helped create and retain 8,594 jobs during the past 11 years.
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