Mercantile Capital Corporation Provides Commercial Real Estate Loan in Orlando, worth $420,000

ALTAMONTE SPRINGS – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, recently closed a commercial loan for Mitbry Corporation d/b/a Barnes Supply for $420,000 in total project costs.

Chris Hurn, chief executive officer at Mercantile Capital Corporation (MCC), said Barnes Supply, located on Drennen Road off S. Orange Avenue in Orlando, is a family owned supply company specializing in multiple fields of supply, including hospitality, building/resort management and car rental maintenance products. Barnes Supply has been a recognized distributor in Central Florida for the last 35 years, Hurn said.

“The Mercantile team was essential to the growth of Barnes Supply,” said owner, Alberto Ruiz. “Their hard work and attentive staff made it possible to find the financing needed to acquire a warehouse that facilitates the growth of our small business.”

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Barnes Supply, have an opportunity to create wealth and financial freedom. MCC’s specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers, like Alberto Ruiz, to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.

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

For more information about this press release, contact:
Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040; Robin Lashley, Mercantile Capital Corporation, 407-786-5040; Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Obama Administration Should Expand Small Business Administration Lending to Spur Economic Recovery, Mercantile Capital Corp. CEO says

ALTAMONTE SPRINGS - The Obama Administration’s proposal to funnel $30 billion in TARP receipts to community banks to spur lending to small businesses could do more to help the economy if it focused on the U.S. Small Business Administration lending programs themselves, says Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation in Altamonte Springs.

Hurn, whose company ranks as one of the leading providers of SBA 504 commercial loans to small business owners who want to acquire or develop their own facilities, said changes in SBA lending could go a long way toward growing the national economy.

“One of the things I’ve been saying for a few years is that the SBA 504 program should be used to refinance commercial real estate as well,” Hurn said. “You can’t do that with the program right now,” Hurn explained. “But as of Friday the 5th, the President seems to be on board with my proposal. We’ll see how quickly this solution can be put in place.”

Hurn gave the Obama administration high mark for its plan to eliminate capital gains tax on investments in small business.

“That’s phenomenal,” Hurn said. “We’ve finally seen a free market solution out of this President and this one actually would be good. That would be the kind of thing that will stimulate equity investments in the small business sector,” he said.

Hurn said many Obama administration proposals are problematic.

“The small business lending proposals are going to have mixed results,” Hurn explained. “Most community banks that have survived over the past 18 months have better capital ratios than large national banks, are relatively flush with capital and yet they’re lending less of their capital.

“Providing them up to five percent of their weighted assets to lend to small business customers at interest rates in the low fives to seven percent, doesn’t provide enough profit to cover the banks’ overhead. The only community banks that will be interested in this program are the ones that aren’t doing as well,” Hurn said. “Healthy community banks probably aren’t going to participate,” he said.

The $5,000 jobs credit is also troublesome, Hurn said. “If you’re a smart business person you’re not going to hire somebody for a position for something that you don’t have a demand for in your products and services just in order to get the job credit,” Hurn said.

The plan may benefit companies that are already expanding, but too few companies are expanding in this economy, he said.

“Expense reductions for equipment purchases also falls flat,” Hurn said.

“If you are a company that’s buying equipment, it helps you, but it doesn’t really get to the underlying problem affecting most small businesses in America that are struggling right now,” he said.
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For more information about this press release contact:

Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040 or Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040

Mercantile Capital Corporation Eyes Major Lending Growth in First Quarter, Projects Loans Valued at over $26 Million

ALTAMONTE SPRINGS - Mercantile Capital Corporation reports it closed on five commercial property loans worth more than $11.6 million in total project costs in January. The firm, which ranks as one of the largest providers of U.S. Small Business Administration (SBA) 504 loans in the nation, predicts it will see a record first quarter this year with loans worth more than $26 million in total project costs.

Christopher G. Hurn, president and chief executive officer of Mercantile Capital Corporation, said the firm closed on only three commercial property loans during the first quarter of 2009.

The firm finished the year with 35 closed loans worth over $78.1 million in total project costs.

This year, Hurn said, Mercantile Commercial should close on loans that represent more than $103 million in total projects.

Hurn said Mercantile Capital’s largest project in January was $4.7 million for the construction and improvements of an existing convenience store in Las Vegas.

For more information about this press release, contact: G. Geoffrey Longstaff, Chairman, Mercantile Capital Corporation 407-786-5040; Christopher G. Hurn, CEO, Mercantile Capital Corporation, 407-786-5040

Mercantile Capital Corporation to Host Open House for Congressional Candidates on Feb. 23

ALTAMONTE SPRINGS- Mercantile Capital Corporation, which ranks as one of the largest providers of U.S. Small Business Administration (SBA) 504 loans in the nation, will host a nonpartisan open house for U.S. Congressional candidates for the Florida District 24 on Feb. 23 from 6 to 7:30 p.m.

Christopher Hurn, president and chief executive officer of Mercantile Capital Corporation, said participants will include the Hon. Suzanne Kosmas, congresswoman from Florida’s 24th district, along with former Winter Springs Mayor Paul P. Partyka, who is challenging Rep. Kosmas in the Democratic primary for the seat, along with Republican challengers Karen Diebel and Sandy Adams.

Hurn said admission to the event is free and the public is invited.

Mercantile Capital Corporation is located at 940 Centre Circle, Ste. 200, Altamonte Springs, 32714
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For more information about this press release, contact: Christopher G. Hurn, CEO, Mercantile Capital Corporation, 407-786-5040; G. Geoffrey Longstaff, Chairman, Mercantile Capital Corporation 407-786-5040