News Release – - Small Business Growth is Mercantile Capital Corp.’s Mission, says CEO Chris Hurn, Armed with Record Low Interest Rates, 90-Percent Financing, 20-Year Fixed Terms
ORLANDO, Fla. — If small business is the lifeblood of America’s economic success — and it surely is — then the U.S. Small Business Administration’s 504 loan program might be just the tonic to cure the nation’s economic ailments.
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; expansions or renovations; improvements, including grading, street work, utilities, parking lots and landscaping; energy-efficient “green” projects; purchase of long-life machinery; furniture, fixtures and equipment; contingency reserves; and soft costs,” Hurn explained.
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,” Hurn explained, adding that interest rates are the lowest ever making this a once-in-a-lifetime opportunity for entrepreneurs.
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.