Altamonte Springs, FL, October 27, 2011 --(PR.com
)-- Mercantile Capital Corporation, which ranks as one of the nation’s most active providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, will host a free webinar on Tuesday, Nov. 1, to explain new rules expanding the SBA 504 loan program.
Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation, said new SBA 504 rules permit use of SBA 504 funds to refinance commercial property loans at below-market interest rates over fixed 20-year terms with as little as 10 percent down.
Hurn said the new rules will permit SBA 504 financing of many business operation expenses as well, and the 10 percent equity requirement need not be entirely cash.
“The new SBA 504 rules are nothing short of phenomenal, and we anticipate a major increase in SBA 504 loan transactions as a result,” Hurn said.
Hurn said high interest rates and a lack of available working capital loans for small business owners at traditional banks and other commercial lenders has helped to stall the U.S. economic recovery. But the new SBA 504 loan refinance rules promise to change that for many small businesses.
“The new rules are in effect until September, 2012, so it is imperative that businesses make their decisions and lock in their rates soon,” Hurn said.
Up to 200 participants can register for this free webinar by visiting tiny.cc/SBA504RefiUpdate.