Mercantile Capital Corporation Announces Lowest Rate in History for Small Business Administration's 504 Loan Program
Mercantile Capital Corporation today announced a new milestone for the Small Business Administration's 504 Loan Program - a record low interest rate of 4.62 percent for a 20-year fixed rate loan. Business owners, who are looking for capital to invest in their businesses, have an opportunity to borrow money at never before seen rates.
"With this rate, the SBA is giving business owners an incredible incentive to purchase buildings and equipment and invest in their businesses," said Chris Hurn, CEO of commercial lender Mercantile Capital Corporation. "We applaud the move by the agency and hope this spark helps ignite the recovery in the small business sector."
An SBA 504 loan is obtained in conjunction with a certified development company (CDC) and a private lender. Designed for owner-occupied commercial real estate, the loans can also be used to purchase owner-occupied commercial real estate and new equipment. The program helps promote job growth within communities.
The loan program enables small business owners to purchase commercial real estate at long-term, fixed-rates while typically only requiring a 10 percent down payment. The CDC lends 40 percent of the loan at a below market, fixed-interest rate provided by the SBA, and the private lender lends the remaining 50 percent at very competitive rates.
"We hope that small business owners take advantage of these interest rates to invest in their businesses, expand their operations and create jobs," added Hurn.
A former member of the Inc. 500 list, Mercantile Capital Corporation (MCC) has been called the "Fastest Growing Commercial Lender in America," the "most unique and entrepreneurial bankers around," and the "fun bankers." From its start in late 2002, MCC has focused on providing SBA 504 loans for small business owners to acquire or enhance their own facilities. The company was named "Best Place to Work" by the Orlando Business Journal in 2009, 2007, 2006 and 2005.
Additional information on MCC and its loans for owners of small and mid-size businesses is available by calling (866) 622-4504 (toll free) or visiting www.504Experts.com.