Mercantile Capital Corp. projects closing loans for a record $140 million in total project costs in 2010

ALTAMONTE SPRINGS - Mercantile Capital Corporation LLC, the seven- year-old Altamonte Springs firm that specializes in U.S. Small Business Administration (SBA) 504 loans for small businesses, expects to finance a total of more than $140 million in total projects in 2010.

Christopher Hurn,(top right photo) chief executive officer of Mercantile Capital Corporation said the firm has closed more than $88 million in total projects since January.

“Our loan volume has grown dramatically this year,” Hurn said. During the first eight months of 2009, Mercantile Capital Corporation only closed on loans to finance projects valued at approximately $36 million.  Hurn said the firm will close on “our largest loan ever” later this month to finance a $9.3 million project for a New York City clothing retailer’s Broadway facilities.

“The substantial growth of our SBA 504 commercial loan volume is a reflection of our national marketing efforts and the lack of small business financing from banks and traditional commercial lenders,” Hurn explained. “We can offer small business owners the best terms on the market at a time when traditional lenders have significantly reduced their small business lending,” he said.

In late August, Mercantile announced its merger with Old Florida National Bank headquartered in downtown Orlando.

Visit www.504Experts.com and http://www.504blog.com/.

For more information about this press release, contact:  

Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040;  

Geof Longstaff, Chairman Mercantile Capital Corporation, 407-786-5040;  

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142