Altamonte Springs, FL, March 10, 2011 --(PR.com
)-- Mercantile Capital Corporation, a wholly-owned subsidiary of Old Florida National Bank, projects record growth in the first quarter of 2011.
"We closed seven commercial loans to finance projects in January for $15.2 million," said Chris Hurn, chief executive officer of Mercantile Capital Corporation.
Hurn said he expects to close on a total of five commercial property loans in February ($17.7 million), and loan applications scheduled to close in March should produce a quarterly loan volume in excess of $50 million.
Hurn said Mercantile Capital has seen record growth throughout the recession.
"U.S. Small Business Administration (SBA) 504 financing offers small business owners the opportunity to acquire their facilities with below-market, long-term, fixed interest rates with only 10 percent down," Hurn said. "For a small business with a successful track record, SBA 504 loans offer the best terms in the financial industry and in this economy that means a lot," Hurn said.
SBA 504 financing targets employment retention and growth, Hurn added.
"Our lending, since we began the company eight years ago, has helped create or retain an estimated 4,185 jobs," he said.