Altamonte Springs, FL, July 29, 2011 --(PR.com
)-- U.S. Small Business Administration funds for small business owners who want to acquire or develop their own facilities under the U.S. Small Business Administration (SBA) 504 loan program aren’t in danger of drying up anytime soon, says one of the nation's leading providers of SBA 504 loans.
"Funding levels for the SBA 504 loans program are more than adequate," said Chris Hurn, chief executive officer of Mercantile Capital Corporation in Altamonte Springs, a wholly-owned subsidiary of Old Florida National Bank.
SBA administrators fear that funding for SBA 7(A) loans, which can be used to buy a business, equipment, working capital and building or expanding a business, may reach its limit of funds available to guaranty loans before the end of fiscal year Sept. 30. They are urging Congress to expand funding for the program before their August recess.
The SBA 504 loan program provides low interest loans for up to 90 percent of the value of facility construction, acquisition and improvements with as little as 10 percent down, Hurn said.
"SBA 504 loans are one of the real bright spots in the U.S. economy right now," Hurn said.
Additional information about Mercantile’s new SBA 504 refinance program is available by calling (866) 622-4504, visiting www.SBA504LoanRefi.com, or www.YouTube.com/504LoanExperts.