beginning-again-2015

Beginning Again – 2015

Even though January’s almost over already, we still want to wish you a Happy New Year! Time flies when you’re having fun and/or working like crazy on small business commercial real estate loans, and that’s exactly what we’ve been doing. Both things — getting SBA 504 loans closed and having plenty of fun in the process. More on that in a minute. We’ve also been busy getting things ready for our pending merger with IBERIABANK. So far, any changes coming down the pike only look to be positive. We’ll have more resources at our disposal and being part of a larger, publicly-traded (and pretty darn successful) bank will only increase the opportunities for us to work with more small business owners nationwide. We’re excited to join the IBERIABANK family and we’ve enjoyed getting to know the people who make the organization work so well.

Now, back to those SBA 504 loans. In 2014, we closed 38 loans worth more than $169.3 million in total project costs, and we worked with 21 different CDCs in the process. The small businesses we worked with last year are located across 14 states, and they created and retained a total of 1,130 jobs as a result of their SBA 504 loans. As was the case last year, hotels and construction accounted for a considerable amount of our loan production (23% and 60%, respectively). Here’s more on how 2014 ended up for us…

2014 by the numbers

2015 is a new year. Can we close loans worth $500 million to get to $2 billion in total project costs financed all-time by December? Maybe. We did 97 loans worth $424 million in 2012. We’ll admit that it’s not likely, but it’s hard to measure the full impact of our pending merger with IBERIABANK. Plus there’s you and others who may choose to work with us and/or refer someone to us. We’re up for a challenge, so let’s have at it — if you know of a small business owner who’s interested in buying, building, renovating, or expanding their commercial facilities, let us know. We have a phone number (407-786-5040) and email (504experts@mercantilecc.com) so we’re pretty easy to get a hold of.

We look forward to working with you and anyone you refer to us this year (and every year henceforth). Happy [somewhat belated] New Year!

– Your 504 Experts

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