As traditional lenders are slow to loosen their purse strings, Christopher Hurn, CEO of Mercantile Capital Corporation (MCC), 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,” Hurn explained, adding that interest rates near the lowest ever making this a once-in-a-lifetime opportunity for business owners.
Mercantile Capital Corporation, one of the nation’s leading providers of U.S. Small Business Administration 504 loans recently closed a commercial loan for a Best Western Suites in Forest Hill, TX for $5,000,000 in total project costs.
The loan will finance the full ground-up construction of a 66-room, interior-corridor Best Western. The proposed hotel will offer a 3,000 square-foot conference room, daily continental breakfast, and an outdoor swimming pool.
“I appreciate all the work and help I got from Mercantile, and look forward to doing more business with them in the future,” said Best Western owner, Anil Patidar.
The SBA 504 loan program helps owners of small to mid-sized businesses, Mr. Patidar, have an opportunity to create wealth and own their commercial property with the highest cash-on-cash return financing available.