Altamonte Springs, FL, October 29, 2011 --(PR.com
)-- Mercantile Capital Corporation, one of the nation's leading providers of U.S. Small Business Administration (SBA) 504 loans, closed five commercial loans in September 2011 to finance more than $13.8 million in total project costs. An SBA 504 loan is a long-term, fixed-rate loan for small businesses acquiring real estate for expansion or modernization.
In the third quarter, Mercantile Capital closed 19 loans to small business owners to finance more than $55.7 million in commercial real estate projects. Combined with the first two quarters, the company has financed a total of $124.85 million in loans for 2011.
"The amount of loans we have funded for small businesses so far this year has increased by more than 33 percent," said Mercantile Capital Corporation CEO Chris Hurn, comparing the number of loans to the same nine-month period last year.
The small business lender reported the largest single loan in September comprised $9.8 million for the refinancing of a plastic surgery center in Utah.
A former member of the Inc. 500 list, Mercantile Capital Corporation focuses on providing SBA 504 loans for small business owners to acquire or enhance their own facilities. A wholly-owned subsidiary of Old Florida National Bank, the company has been named a Small Business Financial Services Champion by the U.S. Small Business Administration twice in the past four years. For more information on MCC and SBA 504 loans call (866) 6222-4504 (toll free) or visit www.504Experts.com or www.504Blog.com.