Mercantile Capital Corporation Ends Record Quarter with $81.9 Million Financed
Mercantile Capital Corporation, which specializes in U.S. Small Business Administration 504 loans to small business owners, reports its first quarter loan volume was the highest in the company's 9-year history: 24 loans for $81.9 million in total project costs.
- Orlando, FL (1888PressRelease) April 11, 2012 - Mercantile Capital Corporation, which specializes in U.S. Small Business Administration (SBA) 504 loans to small business owners who want to acquire, enhance, or refinance their own facilities, reports it closed six commercial loans in March to finance projects valued at more than $31.5 million.
Geof Longstaff, chairman of Mercantile Capital Corporation, said the firm's largest single loan in March helped finance the $14.5 million acquisition of a Holiday Inn & Suites at Salt Lake City International Airport.
Chris Hurn, chief executive officer of Mercantile, said March's loan volume helped push Mercantile Capital's first quarter loan volume to the highest in the company's nine-year history: 24 loans for $81.9 million in total project costs. "That's a 68.4 percent increase over this time last year, and we expect a brisk pace for the remainder of this calendar year."
A former member of the Inc. 500 list, Mercantile Capital Corporation focuses on providing SBA 504 loans for small to mid-sized business owners to acquire or develop their own real estate. A wholly-owned subsidiary of Old Florida National Bank, the SBA named the company a Small Business Financial Services Champion twice in the past four years.